Groupama commits to global coal exit in investment portfolios by 2040

Written by Adam Cadle

09/12/2020

Groupama has committed to a global coal exit in its investment portfolios by 2040.

In an update published on its website today, the French mutual said it will have zero exposure in thermal coal by 2030 for EU and OECD countries.

In keeping with the objectives of the Paris Agreement, a number of initiatives were undertaken by Groupama in 2018. This included no new investment in and a progressive exit from companies whose turnover or energy production mix is based more than 30% on coal; no new investment in companies for which oil sands represent more than 15% of total reserves and €1bn in new investments to finance the energy transition between 2019 and 2021.

“This commitment is well on the way to being met, with 80% realised so far,” Groupama said.

In 2020, the group strengthened these initiatives. These include no new investment in and a progressive exit from any company whose turnover or energy production mix is based more than 20% on coal; whose annual production of coal exceeds 20 million tons; whose installed capacity in coal-fired power plants exceeds 10GW; and that is developing new coal capacities.

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