AllianzGI ramps up exclusion policy with coal restrictions

Allianz Global Investors, one of the world’s leading active asset managers, has today announced that it will implement a global exclusion policy that includes a dedicated coal policy. This new exclusion policy is a further example of AllianzGI’s commitment to tackling climate change by divesting from the single largest source of carbon emissions. This is in line with Allianz Group already established policy with its own assets.

As part of the broader exclusion policy, AllianzGI will also go beyond its current restrictions on investments related to cluster munitions and anti-personnel mines and will include restrictions on other types of controversial weapons.

The enhanced policy will become effective starting in December 2021 for all existing funds for which AllianzGI acts as management company (so-called “proprietary funds”) and will be the default policy for all new funds and mandates after this date, subject to authorisation of the relevant jurisdictions and completion of relevant documentation. In cases other than these proprietary funds, including institutional vehicles and segregated accounts, as well as subadvisory mandates, AllianzGI will seek the consent of the respective clients for the application of the policy.  The policy provides further details on the specific application of these scoping principles, particularly in regard to our private markets business, as well as accounts in Asia Pacific.

Coal

According to the enhanced policy, AllianzGI will refrain from investing in companies that derive more than 30 percent of their annual revenue from thermal coal extraction, and companies where more than 30 percent of their electricity production is based on coal. 

Deborah Zurkow, Global Head of Investments, comments: “With this new coal policy, our aspiration is to position our portfolios on a trajectory towards climate transition, and we are confident that this will match our clients’ expectations. AllianzGI, a committed member of the Net Zero Asset Manager Initiative, is completing its toolkit to support the goal of net zero greenhouse gas emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5°C. Our coal withdrawal strategy marks the next stage in our contribution to tackling climate challenges and further underscores our commitment to responsible investment”. 

Controversial weapons

In addition, the policy will expand the existing exclusions on cluster munitions and anti-personnel mines to include other controversial weapons. AllianzGI will not invest in companies that are involved in the development, production, use, maintenance, offering for sale, distribution, import or export, storage or transportation of, anti-personnel mines, cluster munitions, biological weapons, chemical weapons, nuclear weapons outside of NPT (non-proliferation treaty), and weapons using depleted uranium. 

AllianzGI will review its exclusions policy at least annually or more frequently if material changes to the regulatory or market environment occur that may require adjustments.

Note to the editor: 

The policy complements AllianzGI’s tighter exclusion approach for its dedicated range of sustainable strategies. AllianzGI’s Sustainable Minimum exclusion list goes further than the standard policy , excluding not only companies with links to coal and controversial weapons, but also companies that demonstrate severe controversies with respect to the United Nations Global Compact, as well as companies that earn a significant share of revenues from tobacco and conventional weapons. 

Link to the Policy: Allianz Global Investors | Documents (allianzgi.com)

About Allianz Global Investors

Allianz Global Investors is a leading active asset manager with over 690 investment professionals in 24 offices worldwide and managing EUR 633 billion in assets. 

Data as of June 30, 2021

The Allianz Group is one of the world's leading insurers and asset managers with more than 126 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 706 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage nearly 1.7 trillion euros** of third-party assets. Thanks to the systematic integration of environmental, social and governance criteria in our operations, business processes and investment decisions, we continue to be recognized as among the sustainable insurers in the Dow Jones Sustainability Index (September 23, 2022). In 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.
** As of September 30, 2022

Press contacts

Marion Leblanc-Wohrer
Allianz Global Investors
Stefan Lutz
Allianz Global Investors
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