(SYDNEY)—The week before the world’s largest climate meeting in Paris, the world’s largest insurance company, Allianz has announced that it is pulling the plug on coal investments. Allianz is one of the largest financial institutions in the world, managing 2 trillion euros.

“We are heartened that Allianz has decided to divest from coal, the world’s biggest contributor to greenhouse gas emissions driving climate change. This move is another clear sign that major investors are aware of the threats that fossil fuel investments pose to their bottom line and are increasingly refusing to take that risk.

“The insurance industry is no stranger to the enormous threats posed by climate change. It makes no sense to invest in a sector that is driving the climate crisis. Allianz’s decision to divest from coal and double its investments in wind energy is yet another sign that the global move away from fossil fuels is gathering momentous pace.”