German insurance giant Allianz said Friday it would stop insuring coal-fired power plants and mines extracting the fuel, adding that it aims to divest from the sector completely by 2040.

"We want to promote the transition to a climate-friendly economy," said chief executive Oliver Baete, with the move part of a wider push to integrate the 2015 Paris Climate Agreement into the group's operations.

Allianz will continue for now to insure firms that produce energy from "multiple sources" including renewables or other fossil fuels as well as coal.

Industrial insurance boss Chris Fischer said the firm would "work closely together" with its clients to develop lower-carbon options.

Allianz also invests the vast volumes of premiums it collects from insurance customers on financial markets, giving it another channel to influence businesses towards reducing greenhouse emissions.

From 2015, it began a scheme stopping investments in firms which generate more than 30 percent of their turnover from coal.

A spokesman told AFP the programme has since seen 225 million euros ($269 million) of cash removed from such stakes.

Allianz's climate-friendly moves are designed to help prevent global warming from exceeding 2.0 degrees Celsius (3.6 degrees Fahrenheit), as agreed by almost all countries of the world at the Paris conference.

The spokesman said the group also plans to "double" its stakes in renewable energy projects.

In late 2017, Allianz had around 2.5 billion euros out of its more than 660-billion-euro portfolio invested in green energy.

Seven Polish miners missing after quake hits coal pit
Warsaw (AFP) May 5, 2018 - Seven Polish miners were missing Saturday after a quake hit a coal mine in the country's southern Silesia region, the national mining office said.

The quake, whose cause was not yet clear, hit the Zofiowka mine at 11:00 am (0900 GMT) about 900 metres (3000 feet) below ground level, and all the other miners have been rescued, Anna Swiniarska-Tadla, a spokeswoman for the WUG mining office told PAP news agency.

Rescuers have not been able to access the area due to high levels of methane.

Coal is the main energy source in Poland with 65.5 million tonnes mined in the country last year.

Related Links
Surviving the Pits

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

U.N.: Coal still has a short-term future
Washington (UPI) Apr 25, 2018
There's no certain long-term future for coal as a power source given the shift toward low-carbon options, but that's not the case near-term, a U.N. agency said. Coal accounts for about 30 percent of total energy used globally and about 40 percent of total electricity generation. Among fossil fuels, natural gas is a cleaner option when compared to oil or coal. The International Energy Agency said global energy demand growth increased last year by 2.1 percent from 2016. Renewable forms of ... read more