PARIS, March 18 (Reuters) - The Cardif insurance division of BNP Paribas, France’s largest bank, outlined on Monday new targets on reducing its exposure to coal, as companies around the world step up their fossil fuel divestment plans to help the environment.
Cardif will reduce no longer finance any power generation company for which coal-fired power accounts for more than 30 percent of its installed capacity.
Cardif also said it intends to invest 3.5 billion euros ($4 billion) in green projects by 2020, up from an earlier pledge to invest 2.4 billion euros in such projects.
BNP Paribas Asset Management had already said last week that it intended to stop investing in companies that obtain more than 10 percent of their revenue from thermal coal.
Fossil fuel divestment has gathered pace over the past few years as pension funds, sovereign wealth funds and universities have sold oil, gas and coal stocks, especially after the 195-nation global climate agreement signed in Paris set a goal in 2015 of phasing out the use of fossil fuels this century.
$1 = 0.8814 euros Reporting by Inti Landauro; Editing by Sudip Kar-Gupta