Allianz has stopped insuring single coal-fired power plants and coal mines in operation or planning, as part of a more stringent commitment to curb global warning.

But the German insurer, the largest in Europe, has given itself a long timeline – 2040 – to phase out coal risks in its investment portfolio and property and casualty businesses.

Allianz announced in 2015 it would stop investing in companies that generate more than 30% of revenue from coal or rely on it for more than 30% of their energy needs.

“Climate change generates enormous economic and social risks,” CEO Oliver Bate said.

“It is already harming millions of people today. As a leading insurer and investor, we want to promote the transition to a climate-friendly economy.”