French insurer AXA said it is cutting its exposure to the coal industry, pulling out of investments worth €500 million.

Europe’s number two insurer joins a growing list of financial companies that have decided to spurn the coal industry over environmental concerns.

“AXA has decided to divest from the companies most exposed to coal-related activities for the assets managed internally,” AXA chief executive Henri de Castries said in a statement on Friday.

AXA’s decision to axe coal investments comes after French bank Crédit Agricole said it had decided to stop financing coal mining and miners.

Bank of America said earlier this month it was cutting back its lending to the coal industry, while French bank Société Générale said it was restricting its exposure to the sector. – (Reuters)