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Will Allianz be sustainable regardless of the region?

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Allianz is becoming more sustainable in the West … will it maintain standards and take full social responsibility for its investments in Central and Eastern Europe (CEE)?
Allianz is divesting its own assets from coal, but not the more than $1 trillion in third party assets, which it manages through subsidiaries such as PIMCO or Allianz Poland S.A. At the end of 2017 Allianz invested over 36 million euros in Polsh coal industry, spcecialy in such companies as: PGE, ZE PAC, Enea, Energa, Famur, Kogeneracja1.

While most OECD countries transform their energy system into more sustainable, renewable sources, Poland still plans new coal mines and power plants. Polish energy companies want to build more than 10GW of power plants – 3.2GW are already under construction2.

The biggest power plant which is currently being planned in Poland is Ostrołęka C (1000MW). The main investor for Ostrołęka C power plant is the 100% state-owned Energa S.A. together with the state-owned Enea S.A. There is a big health, environment and economic impact of this investment. The local population will be exposed to high rates of pollution. According to independent experts, over projected lifetime of 40 years, the Ostrołęka C power plant may be responsible for estimated between 900 and 2000 premature deaths3, depending on assumptions about the cost calculations. Furthermore, the zone of the planned power plant covers two Natura 2000 regions and will also have an indirect impact on Puszcza Biała (Biała Forest) – a forest complex which is part of the Mazowiecka Lowland4. Moreover, the investment will never recover investment costs and it’s very risky5. Both companies gets support from some of the biggest Polish privately managed pension funds (OFEs), including Aviva, Nationale-Nederlanden, Allianz Global Investors and OFE PZU6.

Another „big fish” on the polish coal market is PGE, who is already Europe’s second biggest CO2 emitter and operates two of the continent’s most polluting coal plants: Belchatów and Turów, but still plans to build 5,260 MW of new coal power capacity, making it the numer one coal power expansionist in Europe7. Based on 2015 emissions of all EU coal power plants, PGE is the company most responsible for premature deaths due to air pollution8.
Despite clear evidence that PGE has no plan to diversify and align its activities with the Paris climate targets, eight insurance companies, all European with the exception of the US insurer MetLife hold shares worth €634 million, 11.7% of the company. Nationale Nederlanden and Aviva (€122 million) are by far the biggest investors, followed by AEGON, AXA, Generali and Allianz. Allianz and Generali have increased their percentage of shares in PGE from 2016 to 2017.

We call Allianz for the official declaration of stop financing the coal sector in Poland both directly and through the use of third parties and not participating in the INSURANCE of any new coal projects.
It specially  consider  such companies as PGE (runing Belchatów open-mine and Turów power plant, extaction of the Opole power plant, planing new open-mine in Złoczew and Gubin-Brody, ZE PAC (plans three new open-pit mines holding over a billion tonnes of lignite), Enea and Energa (plans to open new Ostrołęka C power plant), PGG, JSW and Bogdanka (all planing to open new mines).

We expect consistency and determination in implementing the rules and requirements for moving away from coal through endind coverage for all new and existing coal plants, mines, and associated infrastructure projects, as well as to divesting from companies which plan investments in new coal power plants, mines and associated infrastructures; generating more than 30% of power from coal or have more than 10 GW of installed coal power capacity; which derive more than 30% of their turnover from coal or produce more than 20 million tonnes of coal a year or if they haven’t  published a fair coal phase-out plan.
In other words, we expect official statement, that Allianz.

We would like to remind Allianz that coal divestment should cover both the insurers’ own assets and assets managed on behalf of third parties as well. Full dedication to the idea of sustainability and corporate responsibility for the natural environment and health and life of people can not be subject to regional divisions, especially since we all breathe the same air.

If you have any questions do get in touch.

Contact:
The Foundation “Development YES – Open-Pit Mines NO”, www.rozwojtak-odkrywkinie.pl
Ecological Association EKO-UNIA, www.eko-unia.org.pl
Workshop for All Beings Organization, www.pracownia.org.pl

Kuba Gogolewski, k.gogolewski@fundacja.rt-on.pl
Joanna Kubicka, kubicka.joanna@gmail.com

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