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Allianz, Germany鈥檚 leading insurer, aims to make its investments completely climate-neutral by the middle of the century, company CEO OIiver B盲te told shareholders, news agency AFP . At the insurance company鈥檚 annual general meeting, B盲te said the 2050 goal was a sign of the company鈥檚 鈥渃ommitment to society鈥� and that the company would no longer put money into companies that actively contribute to global warming. "As a leading insurer and investor, we know exactly what the devastating consequences could be when climate policy is exhausted in debates, yet no action follows," the chief executive said. Quoted in a separate in Handelsblatt, B盲te said: 鈥淲e are very serious about this topic,鈥� adding that the company with 140,000 employees would make its own business operations climate-neutral by 2023.

Allianz鈥檚 decision to opt for climate neutrality is in line with other initiatives in the financial sector aimed at making investments more sustainable. The company announced in May 2018 that it would stop selling insurance coverage to coal companies聽in an effort to fight climate change. Reinsurance companies Hannover Re and Munich Re announced similar policies to reduce their exposure to the coal industry but critics say that these withdrawals from the fossil industry are often half-hearted as the insurance companies remain involved in carbon-intensive activities abroad or through indirect investments.听