Dutch insurer Aegon to reduce coal investments



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Dutch insurer Aegon to reduce coal investments

On Monday, the 13th of January 2020, Aegon NV, the Hague-based Dutch life insurance company, had issued a statement saying that it was brewing an option to reduce its stakes in entities, financial or non-financial, engaged in generating revenues from fossil-fuelled powered energy plants or coal mining in a bid to support a global movement towards a low-carbon economy amid a number of tattering incidents stemmed from global warmings, remarking the latest to join a string of financial entities who either had stopped or curbed financing to fossil-fuel powered enterprises.

In point of fact, latest move from the Hague-based Dutch insurer came forth a few weeks after the leading German lender Commerzbank had told it would stop financing new coal-fired power plants which was followed by similar actions from another German lender Deutsche Bank, Spanish lender Banco Santander alongside British lender Barclays and Standard Chartered.

Meanwhile, adding that the Dutch insurer had already excluded companies, equity funds or lenders from its portfolio which had been generating more than a third of its revenue from exploration, mining, development and refining of thermal coal, Aegon, which had more than €300 billion worth of assets under management as of December 31st, 2018, said in its Monday’s (January 13th) statement, “As of 2020, a declining revenue threshold has been introduced, which will be lowered in steps to 5% or below in 2029. ”