The Hong Kong-based insurance company AIA, whose logo features on Tottenham Hotspur shirts, has bowed to pressure from campaigners and announced it will pull out of all coal investments by 2028.
AIA, the largest independent, publicly listed pan-Asian life insurance group, made the pledge in its environmental, social and governance report released this week. It is the first major insurance company in Asia to promise such a move.
AIA has $326bn of funds under management and is estimated to hold up to $6bn in coal and coal-fired power assets, according to the Institute for Energy Economics and Financial Analysis.
Campaigners had attacked the insurer’s climate credentials as a “dirty secret” that stained the shirt of Tottenham, worn by Harry Kane, Hugo Lloris and teammates since 2013. The football-themed push, branded AIA Kick Out Coal, was led by the divestment groups Insure Our Future and SumOfUs.