SCOR ANNOUNCES PLANS TO STOP COAL-INTENSIVE INVESTMENTS

Scor, the Paris-based reinsurer, has become the latest European re/insurer to withdraw from investing in coal amid concerns about climate change. The world’s fifth-largest reinsurer said it would no longer invest in companies deriving more than 50% of their turnover from coal. The group said it had already sold out of its coal-intensive investments, understood to amount to less than €9m ($9.5m). It also pledged to make no new financial investments across its entire asset portfolio in such companies in the future. Scor's pledge comes as world leaders gathered in Paris in a bid to agree a new global approach to climate change. Negotiators from 195 countries will try to reach a deal within two weeks, aimed at reducing global carbon emissions. The reinsurer, which had investments totalling of €27.9bn at mid-year, said it was committed to the fight against climate change. Scor added it has been reducing its own carbon footprint but also investing in low-carbon projects and supporting research into climate change-related issues.