Allianz Global Investors unveiled a Global Exclusion Policy that aims to tackle climate change by disengaging from the biggest source of carbon emissions – coal. As part of this policy, the company will also go beyond its current restrictions on investments related to cluster munitions and anti-personnel mines and include restrictions on other types of controversial weapons.
As part of the enhanced policy, AllianzGI will refrain from investing in companies that derive more than 30% of their annual turnover from thermal coal mining and companies where more than 30% of their production is from thermal coal. electricity is based on coal.
The policy will come into effect from December 2021 for all existing funds for which AllianzGI acts as the management company and will be the default policy for all new funds and mandates after this date, subject to the authorization of the jurisdictions. concerned and the completion of the relevant documentation.
In cases other than these exclusive funds, including institutional vehicles and segregated accounts, as well as sub-advisory mandates, AllianzGI will seek the consent of the clients concerned for the application of the policy.
Deborah Zurkow, Global Head of Investments, declares: “With this new coal policy, our ambition is to position our portfolios on a climate transition path, and we are convinced that it will meet our clients’ expectations. AllianzGI, a committed member of the Net Zero Asset Manager Initiative, completes its toolkit to support the goal of zero net greenhouse gas emissions by 2050 or earlier, in line with global efforts to limit global warming to 1 , 5 ° C. Our coal exit strategy marks the next step in our contribution to tackling climate challenges and further underscores our commitment to responsible investment. “
In addition, the policy will expand existing exclusions on cluster munitions and anti-personnel mines to include other controversial weapons. AllianzGI will not invest in companies involved in the development, production, use, maintenance, sale, distribution, import or export, stockpiling or transport of anti-personnel mines, weapons to cluster munitions, biological, chemical and nuclear weapons outside the NPT (non-proliferation treaty) and weapons using depleted uranium.
The company said it would review its opt-out policy at least once a year or more frequently if significant changes in the regulatory or market environment were to occur and require adjustments.