CNP Assurances to exit thermal coal by 2030 in EU and by 2040 in rest of world

CNP Assurances has adopted a definitive plan to exit thermal coal in its investment portfolio by 2030 in the EU and OECD countries, and by 2040 in the rest of the world.

The group has announced that it will refuse to invest in any company with an electricity generation capacity based on thermal coal of more than 5 GW, any company that produces more than 10 million tonnes of thermal coal a year or any company that develops new infrastructure contributing to the exploitation of thermal coal.

CNP Assurances also said it it will divest from companies with more than 20% of revenue linked to thermal coal and exclude any new investment in any company with more than 10% of revenue linked to thermal coal. It will also ask all companies to which CNP Assurances is directly exposed, to publish, by 2021, a thermal coal exit plan aligned with an exit by 2030 in the EU and OECD countries, and by 2040 in the rest of the world, based on the closure and not the sale of assets

CNP Assurances said it will pursue a policy of shareholder dialogue with companies in the sector in order to encourage those developing new thermal coal projects to abandon them, and those with thermal coal assets to adopt and implement an exit plan.

In 2019, CNP Assurances became a member of the Net-Zero Asset Owner Alliance, and committed to making its investment portfolio carbon-neutral by 2050.

“With more than €300bn invested across all sectors, CNP Assurances considers it its responsibility to take the environmental impact of its investment decisions into account. The adoption of a definitive plan to exit thermal coal represents a new step in our strategy to further energy transition. We will continue to act to limit global warming and comply with the commitments of the Paris Agreement”, CNP Assurances CEO Antoine Lissowski said.

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