Allianz to cut investments in companies using coal in favour of renewable energy

Divestment based on climate and business reasons, says German financial giant as decision is likely to affect a4bn worth of investments

Germany's Allianz SE, one of the world's largest financial asset managers, said on Tuesday it would decrease investments in companies using coal and boost funding in those focused on wind power over the next six months.

Chief executive Oliver Baete said Allianz will no longer invest in companies if more than 30% percent of sales come from coal mining or if coal generates more than 30% percent of electricity.