Connect with us

Hi, what are you looking for?


Green Economy

Aviva Pledges $3.9 Billion In Renewable Energy Investments

One of the leading insurance companies in the world, Aviva, has announced plans to significantly increase investments in low-carbon assets and reduce exposure to sectors that face risk of regulatory action to reduce greenhouse gas emissions.

Aviva Chief Executive Officer Mark Wilson recently stated that the company will invest around $780 million every year in renewable energy and energy efficiency assets over the next 5 years. Aviva currently manages assets of a whopping $390 billion and is Britain’s second-largest insurer by market value.

The company will take into account the risk posed by possible regulatory intervention to act on greenhouse gas emissions and reduce exposure to fossil fuel companies.

Aviva joins several other global companies, and insurance companies, that have announced similar plans to reduce exposure to the fossil fuel industries around the world. Germany’s Allianz Group has increased its annual renewable energy investment budget to around $385 million, while AXA has announced plans to sell $500 million in coal assets and increase cumulative investment in clean energy assets to $3.3 billion by 2020. Earlier this year, Guardian Media Group also announced its plans to divest almost $880 million of fossil fuel-linked financial assets, while many other groups, institutions, and funds have announced similar measures.

Syracuse University announced that it will divest $1.18 billion worth of investments in fossil fuels-linked assets. Before that, the Rockefeller Brothers Fund divested all of its fossil fuel assets, worth about $860 million. And recently, the world’s largest sovereign wealth fund — Norway’s Government Pension Fund Global — announced that it had sold off stake in 53 coal companies from around the world, including the world’s largest coal mining company, Coal India Limited.

Such investments have come with just months to go for the potentially landmark climate change summit in Paris. It is widely expected that a Paris climate change agreement to open doors for a global carbon market that would significantly impact valuations of fossil fuel-linked assets.

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.

Written By

Smiti works as a senior solar engineer at a reputed engineering and management consultancy. She has conducted due diligence of several solar PV projects in India and Southeast Asia. She has keen interest in renewable energy, green buildings, environmental sustainability, and biofuels. She currently resides in New Delhi, India.


You May Also Like


The new buzz expression for Australian mining companies that are leaving fossil fuel assets behind to chase greater profits is: “future facing commodities.” No...

Clean Power

Governors Now Face Question: Which State Becomes the Nation’s Offshore Wind Manufacturing Center?

Climate Change

Courtesy of Union Of Concerned Scientists. By Ortal Ullman, the senior outreach coordinator for the Climate & Energy program at the Union of Concerned Scientists....

Climate Change

The case for divestment grows louder as evidence shows that individuals with divested portfolios “outperformed their benchmarks.”

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.