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.
One week after the managing director of the Russian NGO Ecodefense applied for political asylum in Germany, 45 NGOs worldwide declare their solidarity with the environmental organisation, including urgewald, Bürgerinitiative Umweltschutz Lüchow-Dannenberg, Greenpeace, WWF Germany, 350.org and Friends of the Earth USA.
A new briefing on the coal insurance business of Talanx, one of Europe‘s leading insurance companies, reveals the weak spots in its recently announced coal exclusion policy. The analysis published today finds that loopholes in the announcement could allow the company to continue supporting expansion of the coal industry in Poland and Vietnam via its subsidiaries. These concerns cast doubt over the seriousness of the company’s climate ambitions on the day of its annual general meeting in Hannover, Germany.
About KLP’s new coal exclusion policy announced today, Urgewald’s Director Heffa Schuecking says:
“Congratulations to KLP on today’s decision. While other financial institutions are setting coal phase-out dates for 2026 or even later, KLP has decided to act now. Other investors and banks need to follow KLP’s example and speed up their departure from the coal industry.”