Chubb will no longer underwrite new coal-fired plants or insure new risks for companies that generate more than 30% of revenue or energy production from coal.

Coverage for businesses that exceed the 30% revenue threshold will be phased out by 2022, and utilities that pass the production limit will be removed beginning in 2022.

The global insurer says no new investments will be made in companies that pass the 30% revenue limit.

Exceptions for underwriting risk will be considered until 2022 in areas that do not have practical near-term alternative energy sources.

The new approach is expected to have minimal impact on premium revenue and no impact on investment performance.

“Making the transition to a low-carbon economy involves planning and action by policymakers, investors, businesses and citizens alike,” Chubb CEO Evan Greenberg said.

“The policy we are implementing reflects Chubb’s commitment to do our part as a steward of the Earth.”