November 28, 2018 / 10:40 AM / 12 days ago

French insurer CNP joins AXA in curbing investments in coal sector

PARIS (Reuters) - French insurer CNP unveiled new plans to scale back its investments and exposure to the coal industry, mirroring a similar move by larger rival AXA and other insurers which are changing policies to help the environment.

CNP said that in future it would refrain from investing in companies which had more than 10 percent of their turnover linked to thermal coal.

CNP added it would no longer invest in companies heavily involved in the development of new coal-fired power plants.

Reducing insurance coverage of the coal industry raises costs for coal power generation, which could increase pressure on utilities to switch to cleaner energy.

Reporting by Sudip Kar-Gupta; Editing by Inti Landauro

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