German Banks' Coal Links Scrutinized as Divestment Drive Grows
- Report says banks invested 8.7 billion euros in lignite plants
- Commerzbank reviewing its position on coal investments
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German lenders with holdings in conventional power generation are being asked to justify the investments as companies like Allianz SE switch funds into cleaner forms of energy.
Europe’s biggest insurer said Tuesday it will reduce its coal investments and double its spending in renewables from about 2 billion euros ($2.1 billion). The move is a gesture of support to the Paris climate talks next week and to “send a signal to our branch and to capital markets,” said Allianz’s Chief Investment Officer Andreas Gruber in a ZDF television interview.