King coal no more as insurer Axa vows to divest from fossil fuel

Group says it will phase out investments, and underwriting of companies that back coal

The insurer Axa has promised to sever ties with the coal industry as part of a climate strategy to phase out the group's multibillion pound investments and insurance underwriting of companies that back the fossil fuel.

Axa said it intended to exit the coal industry by 2030 in Europe and other members states of the Organisation for Economic Co-operation and Development, and by 2040 in the rest of the world.