The Unfriend Coal campaign, together with Urgewald and the social movement Avaaz, today welcomed the latest announcement by Munich Re CEO Joachim Wenning on his group’s future handling of coal. According to Wenning’s guest article in the Frankfurter Allgemeine Zeitung, the world’s second largest reinsurer plans to stop offering insurance for new coal-fired power plants and mines in industrialised countries. In addition, Munich Re will no longer invest in shares and bonds of coal companies that generate more than 30% of their revenues in the coal sector...

German environmental NGO Urgewald said: ... "We are [...] pleased that CEO Joachim Wenning now finally wants to change tack... At the same time, we know that these new guidelines are far from being enough to align Munich Re with the Paris Climate Targets.” ...

Following the new announcement, six major international insurers – Munich Re, Allianz, AXA, SCOR, Swiss Re and Zurich – have, with differing degrees, restricted the insurance of coal projects. Now, close to half the global reinsurance market has announced a divestment from coal as measured by the share of written premiums...