As stewards of long term capital, actively managing the savings of millions of people around the world, M&G will use its influence to accelerate the transition to a greener, cleaner economy. This is why we have joined the Powering Past Coal Alliance , a coalition of governments, businesses and organisations, in March 2021.
We have 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 by 2040 in emerging markets.
We have begun the process of engaging with our clients and the coal-related companies we invest in. By adopting a forward-looking approach, as an active investor we can support companies as they transition their businesses towards net zero. From March 2022, we will start divesting from companies that fail our criteria for continued investment.
Our plan to phase out coal is a key step towards achieving our goal of net zero carbon emissions across our investment portfolios by 2050, at the latest, and helping to restrict global warming to 1.5 degrees in line with the Paris Agreement on climate change.
John Foley, our Chief Executive, explains our plans.
To read more about how we are investing to support the energy transition, view our position on thermal coal.