Aegon, the insurance, pensions and asset management company, will reduce investments in the coal industry. The company made exclusion list for 104 companies including 5 from Poland - PGE, Enea, Energa, Tauron, Lubelski Węgiel Bogdanka SA. But Poland is an exceptional again. The policy does not include Aegon’s Open Pension Fund (OFE) in Poland.

Amsterdam, January 13 2020 - Aegon has announced today that it will reduce investments in the coal industry. Aegon's policy also applies to the investments of its US branch, Transamerica and covers in total €140 billion in investments. Aegon now has 104 coal companies on its exclusion list. Greenpeace Netherlands and Urgewald, which negotiated with the insurance company, call it an important step from one of the largest financial institutions in Europe.

“This is a good step in the right direction by Aegon, but more coal companies should be excluded. Insurers know better than anyone that damage claims as a result of extreme weather are becoming very expensive. Forest fires in Australia and typhoons in the Philippines show that the climate crisis is already having major and disastrous consequences,” said Kees Kodde, campaigner at Greenpeace Netherlands.

Untenable exceptions

Heffa Schucking, Director at Urgewald points out that there is still room for improvement.

“The criteria for utilities are weak in Aegon’s new global policy, as the big coal utilities are still off the hook. But the new policy of Aegon Netherlands is better, as it includes a 30% criterion for utilities. Aegon international should follow the lead of Aegon Netherlands.”

Aegon also makes an exception for its coal investments in Poland because it claims that it has no influence on its Polish pension fund. “Aegon will have to solve this problem, because new coal plants and coal mines are still being planned in Poland, thanks in part to Aegon's investments there. This exception is untenable,” said Schucking.

Key points in Aegon’s new coal policy:

- Energy companies with more than 10 gigawatt of coal-fired capacity and coal expansion plans are being phased out. Aegon excludes any company that earns more than 30% of its income from coal mining. This percentage will be gradually reduced to 10% in 2027, and to below 5% in 2029.

- Aegon is currently adding 65 coal companies to its exclusion list, bringing the total number of excluded coal companies to 104.

- The policy of Aegon Netherlands is more ambitious than that of Aegon International: it also excludes energy companies that generate more than 30% of their revenue from coal. That percentage will be reduced to below 5% in 2029.

Aegon's new global policy applies to around €140 billion in investments, while Aegon Netherlands' policy applies to €82 billion of those.

Media contacts:

Greenpeace Netherlands, Press Officer Bram Karst, +31 6337 18850, This email address is being protected from spambots. You need JavaScript enabled to view it.

Urgewald, Heffa Schucking, +49 160 96761436