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)

Allianz Global Investors is a leading active asset manager with over 600 investment professionals in over 20 offices worldwide and managing EUR 533 billion in assets. We invest for the long term and seek to generate value for clients every step of the way. We do this by being active – in how we partner with clients and anticipate their changing needs, and build solutions based on capabilities across public and private markets. Our focus on protecting and enhancing our clients’ assets leads naturally to a commitment to sustainability to drive positive change. Our goal is to elevate the investment experience for clients, whatever their location or objectives.
Data as at 31 December 2023. Total assets under management are assets or securities portfolios, valued at current market value, for which Allianz Global Investors companies are responsible vis-á-vis clients for providing discretionary investment management decisions and portfolio management, either directly or via a sub-advisor (these include Allianz Global Investors assets which are now sub-advised by Voya IM since 25 July 2022). This excludes assets for which Allianz Global Investors companies are primarily responsible for administrative services only. Assets under management are managed on behalf of third parties as well as on behalf of the Allianz Group.
The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 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 746 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of March 31, 2024.

Press contacts

Marion Leblanc-Wohrer
Allianz Global Investors
Stefan Lutz
Allianz Global Investors
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

Further information

SDG Loan Fund mobilizes USD 1.1 billion of investor capital

The SDG Loan Fund has successfully mobilized USD 1.1 billion of investor capital to advance the United Nations Sustainable Development Goals (SDGs) in emerging and frontier markets, using an innovative “blended finance” model.

Net-Zero transition plan – leading the way and driving the change

In September 2023, Allianz published its first net-zero transition plan, which lays out the details for its 2030 intermediate targets to decarbonize own operations, proprietary investment, and P&C underwriting. With this, Allianz is leading the way in the financial services industry. Because climate change is one of the biggest risks that we face globally, we remain committed.

COP 28 preview: taking the temperature

This year’s UN Climate Change Conference – COP 28 – starts in late November in Dubai. A busy agenda includes a focus on the impact of heatwaves on health and how trade can play a role in mitigating climate change.