German insurer Allianz wants to steer its entire portfolio into "climate neutral" investments by 2050, chief executive Oliver Baete announced on Wednesday at the company's annual shareholder meeting.
Europe's largest insurer, which operates in 70 countries around the world, also intends to cover all its own energy use from renewable sources by 2023.
"This is a very serious topic for us," Baete said, seeking to answer the concerns of activist shareholders who have pressured major global companies to combat climate change and pull out of disputed investments.
Allianz holds capital investments worth 650 billion euros (728 billion dollars).
It is also one of the world's biggest wealth managers, with about 1.4 billion euros in assets under management for external clients. The company does not have any specific climate targets for this latter category, but Allianz said it does intend to invest these in a climate friendly manner, too.
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