Guardian:

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.

He said Allianz decided ahead of next week’s United Nations climate change conference in France with “an eye on the 2C goal of the Paris climate negotiations as well as the economic risks involved.”

In 2014, Allianz managed about €1.8tn ($1.9tn) assets in US, Germany, France, Italy, Britain and the Asia-Pacific region.

The company plans to release more details later in the week, but experts estimate the decision on coal would affect investments worth €4bn. Some 90% of the investments affected are in bonds that will be allowed to mature while the six-month frame will apply to equities, Allianz said.

In Paris, more than 190 countries are to negotiate a new global pact to fight climate change. Most of them have already presented plans to cut greenhouse gas emissions after 2020, when the deal is supposed to take effect.