Allianz, the world’s biggest insurance company, is expected to transfer €4 billion in investment capital with its decision to step away from coal assets and shift its emphasis to wind.

“As the world’s largest insurance company, Allianz knows a thing or two about risk,” said 350.org Europe campaigner Nicolò Wojewoda. “And there’s no greater risk for the climate than continuing to invest in an industry that is wrecking the planet.”

Fossil Free Europe points to US$2.6 trillion in divestment by more than 400 institutions to date. “In the lead-up to the climate negotiations, that number is now approaching 500 institutions, including major investors such as Allianz and the Norwegian Sovereign Wealth Fund.”