M&G plc joins Power Past Coal Alliance; plans to phase out investment in coal
M&G plc (M&G) is today joining the Powering Past Coal Alliance (PPCA) and announcing it wants to end investment in thermal coal by 2030 for developed countries, and 2040 for emerging markets.
M&G’s coal phase out plan is a key step towards achieving its goal of net zero carbon emissions across its investment portfolios by 2050 at the latest, and helping restrict global warming to 1.5 degrees in line with the Paris agreement on climate change.
As stewards of long term capital, managing the savings of millions of people around the world, M&G plc will use its influence to accelerate the transition to a greener, cleaner global economy with ambitious plans to cease all investment in new coal mines and coal-fired plants and to exclude public companies which cannot commit to a complete phase out of coal by 2030 in developed countries and 2040 in emerging markets.
Speaking at the PPCA’s Global Summit today, M&G Chief Executive John Foley said:
“An accelerated phase-out of coal is essential if we want to limit global warming and ensure a sustainable future for our planet. We are delighted to join the PPCA and fully support its work to encourage businesses, governments and other organisations to commit to a transition away from coal in the run up to COP26 later this year.”