French global insurer AXA has put European coal companies on notice that they should publish coal phase out plans compatible with the UN Paris clima-te agreement by 2021, announcing today that it will totally phase out its insu-rance and investment exposure to coal by 2030 in the EU and OECD countries, and by 2040 everywhere else.
The world‘s newest multilateral development bank, the China-led Asia Infrastructure Investment Bank (AIIB) is coming to Luxembourg for its first annual meetings outside of Asia this week Friday and Saturday. In spite of European governments planning for a fossil-free future and holding a 22% share in the AIIB, the bank is not living up to its green promises. New research proves that 20% of the $8 billion the AIIB invested to date has backed fossil fuels - and only 8% renewables.