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Allianz Global Investors (AGI), which manages our investment funds, is a signatory to the United Nations Principles for Responsible Investment (UNPRI) and therefore incorporates ESG issues into its investment decision-making.

We are supporting the global transition to clean energy by financing energy efficiency measures and innovation as well as renewable energy projects through fund and direct investments. 

€4.3 billion

Our equity investments in renewable energy at the end of 2019 were 4.3 billion Euros.
(2018: 3.8 billion Euros)

€14.6 billion

We have invested 14.6 billion Euros into Green Buildings. 

€7.2 billion

In total, we have invested 7.2 billion Euros in renewable energy projects, including 90 wind parks and 9 solar farms. 
In 2018, we also withdrew from insuring single coal-fired power plants and coal mines in operation or planning. We are committed to a full phase-out of all coal-based business models from our proprietary investments and Property & Casualty insurance portfolios by 2040.

Allianz hasn’t financed coal-based business models since 2015; no new investments have been allowed, equity stakes have been divested and fixed income investments made before 2015 are in run-off.

The exclusion thresholds for the energy generation share from coal power plants and the revenue share from coal mining will be tightened over time.  We will strengthen the thresholds from the 30% in place since 2015 to 0% by 2040 the latest. As of December 31, 2022, we will reduce our thresholds to 25%.1

In May 2018, we announced a further commitment to expand the scope of coal exclusions. We currently exclude companies involved, either directly or through entities they control (indirectly, minimum of 20% stake), in coal based business models, which are defined as follows: 

Energy generation from coal

  • Companies deriving 30% or more of their generated electricity from thermal coal, and/or planning more than 0.5 gigawatts (GW) of thermal coal capacity additions2 which are not in line with the 2°C threshold and/or
  • having to retire3 more than 50% of their generation capacities in the next ten years to be in line with the 2°C ceiling. 

[1] Further reductions are expected to happen in steps of no more than five percentage points and within no more than five years of the previous adjustment.

[2] Coal capacity additions: This criterion is based on International Energy Agency’s World Energy Outlook (IEA WEO) data. It assesses whether a company is planning and/or building additions of more than 0.5 GW in coal power capacity over the next ten years which exceed the ceiling compatible with limiting globalwarming to below 2°C compared to pre-industrial times. This allowance is established mainly for data and technical reasons, e.g. to allow retrofitting or refurbishment of existing plants in order to improve their efficiency. This criterion is provided by the 2° Investing Initiative (2dii). The build-up of new coal power capacities is only possible in limited number of occasions according to the scientific estimations and projections provided by the International Energy Agency, for instance.

[3] Required retirements: This criterion is based on IEA WEO data. It assesses if a company needs to retire more than 50% of its current generation capacity over the next ten years to be compatible with the 2°C ceiling. The data is provided by 2dii.

Coal mining

  • Companies deriving 30% or more of their revenues from mining thermal coal.