German insurer Talanx has announced an immediate halt to insuring new coal-fired power plants and coal mines.

The HDI Global parent is the latest major European insurer to ditch coal-related risk, joining Swiss Re and Allianz, which acted last year.

“The Talanx Group is withdrawing from the provision of insurance protection for coal-based risks over the long term,” the insurer says in a statement.

“Bearing in mind that the energy transition away from fossil fuels can only take place responsibly over the medium to long term, it is envisaged that the portfolio will no longer include any coal-fired power plants or coal mines from 2038.”

Talanx says the policy is part of its support for the Paris climate action plan.

Exceptions will be made on a case-by-case basis in countries where coal still accounts for a large share of the energy mix, with factors such as access to alternative sources taken into account.

Talanx’s policy not to make new investments in companies that derive at least 25% of revenue from fossil fuel remains.

It will continue to invest in renewables and climate-friendly technologies. The insurer has put more than €1.3 billion ($2.1 billion) into wind and solar projects.