The company also said it will not write policies or make investments in companies that generate more than 25% of their revenue directly from extracting oil from tar sands. It won't cover or invest in the construction and operation of new coal-fired plants.
The company said it plans to phase out policies or investments that currently violate those parameters by 2023.
The
The company is aiming to balance the need for energy and economic growth with concerns about a warming planet and the role of fossil fuels, CEO
"The world needs affordable, accessible energy to support global economic progress and at the same time action is needed to mitigate the impact such activity has on our climate,” he said.
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