German insurer Allianz aims to make the massive investments that back its business "climate-neutral" by 2050, chief executive Oliver Baete told shareholders Wednesday.

"One of the main thrusts of our commitment to society is based on measures to combat ongoing global warming," Allianz boss Baete told the group's annual general meeting in Munich.

The commitment to going climate-neutral means that Allianz will no longer invest money in shares or bonds issued by companies whose activity is harmful to the climate.

With a portfolio of nearly 670 billion euros ($750m) at the end of 2018, the Munich-based insurer has a lot of weight to throw behind green investments.

As an asset manager, it manages a portfolio of 1,960 billion euros on behalf of external clients, but so far has applied no exclusionary policies to their placement.

"As a leading insurer and investor, we know exactly what the devastating consequences could be when climate policy is exhausted in debates, yet no action follows," said Baete.

"Every citizen, every organisation and every state can make its contribution."

On top of placing its funds with an eye on the climate, the group also plans to power its offices in 70 countries around the world with renewable energy by 2023.

Allianz's promise to shift to climate-friendly investing comes a year after the group announced it would stop offering insurance products to coal-fired power plants or coal mines, whether operating or planned.

Most EU countries cut CO2 emissions last year: estimates
Brussels (AFP) May 8, 2019 - Most European Union countries reduced carbon dioxide emissions last year, estimates showed Wednesday, marking a turnaround in the battle against greenhouse gases as campaigners urged faster action to avoid the most damaging effects of climate change.

Overall EU emissions from burning oil, coal and gas were 2.5 percent lower in 2018 than the previous year, Eurostat figures showed, with 20 of the bloc's 28 countries reporting reductions.

That was better than 2017, which saw combined emissions 1.8 percent higher than 2016 and only seven countries recording decreases, according to the EU's statistics office.

The EU has pledged to reduce its carbon emissions by 40 percent below 1990 levels by 2030.

"After four years without substantial emission reductions, the EU has finally started to walk the road to the zero-carbon economy," said Wendel Trio, who heads the activist group Climate Action Network (CAN) Europe.

"To be able to avoid ever wilder extreme weather events, greater drought, food shortages and economic devastation, we need sharp falls in emissions every single year," Trio added.

Portugal took the lead with the sharpest decrease, Eurostat figures showed, recording a nine percent drop in emissions from 2017.

It was followed by Bulgaria, with a 8.1 percent reduction. Ireland's were 6.8 percent lower and Germany's fell 5.4 percent.

Britain was last in line, with a slim 0.3 percent decrease on 2017.

- Latvia leads laggards -

On the other hand, Latvia recorded the poorest result, with emissions up 8.5 percent from the year before.

Other countries in the bloc whose emissions rose include Poland, which recorded an increase of 3.5 percent.

The EU has vowed to lead the way in saving the Paris climate agreement since the United States, the world's second biggest polluter after China, withdrew in 2017.

The pact aims to keep the worldwide rise in temperatures "well below" two degrees Celsius (3.6 degrees Fahrenheit) from pre-industrial times.

Germany, the bloc's most populous country and its most powerful economy, accounted for the largest share of the union's emissions last year, at 22 percent.

It was followed by Britain at 11.4 percent, Poland at 10.3 percent as well as by France and Italy, at 10 percent each. Germany, Britain, France and Italy are among the bloc's leading economies and have the largest populations.

Poland, whose population is significantly lower than the other top polluters, relies on antiquated coal-fired power plants to generate nearly all of its electricity, giving it some of the highest carbon emissions in the EU.

In other developments, Britain's National Grid Electricity System Operator revealed it has managed a week of powering electricity without using coal for the first time since 1882, as the country targets zero carbon emissions.

And German insurer Allianz announced it aims to make the massive investments that back its business "climate-neutral" by 2050. It means Allianz will no longer invest money in shares or bonds issued by companies whose activity is harmful to the climate.

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G7 environment ministers meet to discuss climate crisis
Metz, France (AFP) May 5, 2019
Environment ministers of the G7 nations met in France Sunday, a day ahead of the release of what is expected to be another alarming report on the state of the planet. Ministers from Britain, Canada, France, Germany, Italy, Japan and the United States gathered for the two-day meeting in the northeastern city of Metz. They were due to discuss measures to tackle deforestation, plastic pollution and the degradation of coral reefs and try to form alliances between nations to act on them. Joining ... read more