Axis Capital Holdings Ltd . said on Wednesday that it will stop insuring, reinsuring and investing in thermal coal operations by 2030 in some countries, including the United States, and by 2040 globally.
The Bermuda-based insurer and reinsurance company also said it will invest $ 20 million in a emerging market-focused climate finance fund managed by BlackRock Inc.
Thermal coal operations will be phased out of the company's insurance, optional reinsurance co-insurance all such activities ending by 2030 in the Organization for Economic Cooperation and Development and the European Union, Axis said in a statement.
The policy includes thermal coal developers, but Axis will continue to support renewable energy projects and companies that transition business models from thermal coal and oil sands.
Earlier this year, Axis said it will not provide coverage or investment support for projects related to oil, gas exploration, drilling or gas production at the Arctic National Wildlife Refuge in Alaska.
"It is our conviction at Axis that the (re) insurance industry must be at the forefront of efforts to transition to a low-carbon economy," Albert Benchimol, Axis' President and CEO, said in the statement.