{"id":10309,"date":"2021-03-17T19:26:14","date_gmt":"2021-03-17T18:26:14","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=10309"},"modified":"2023-02-28T16:50:14","modified_gmt":"2023-02-28T15:50:14","slug":"aia-coal-phase-out-strategy-a-big-step-forward","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2021\/03\/17\/aia-coal-phase-out-strategy-a-big-step-forward\/","title":{"rendered":"AIA coal phase-out strategy – a big step forward"},"content":{"rendered":"

<\/b>AIA Group is a pan-Asian <\/span>$326 billion-strong<\/a><\/u> life insurance company based in Hong-Kong. In March 2021 it published its <\/span>2020 ESG report<\/a><\/u> as well as a <\/span>Coal Investment Statement<\/a><\/u>, updating in the process its first coal exclusions implemented last year. Progress has been impressive. In just a few months, AIA went from lacking <\/span><\/span>any <\/span>coal policy to adopting a solid coal phase-out strategy.<\/span><\/b> <\/b><\/p>\n

The policy is not perfect, and <\/span>some <\/span>details are still missing at the time of publication, so some caution is still required. But if confirmed, such policy will set an ambitious precedent for other Asian financial players to follow.<\/span><\/b><\/p>\n

1. <\/span>What’s new<\/span><\/strong><\/span><\/b><\/p>\n

AIA has already divested from companies which derive at least 30% of their revenue from coal mining and\/or coal power. While n<\/strong><\/span>o change has been made <\/span><\/b>regarding <\/span>MAPFRE<\/span>\u2019s investments restrictions<\/span>, <\/span>several changes are outlined below regarding its insurance <\/span><\/b>activities<\/span><\/b>: <\/span><\/p>\n