PARIS, May 22 (Reuters) - French insurer AXA saidon Friday it was cutting its exposure to the coal industry,pulling out of investments worth 500 million euros ($552.7million).
Europe's No. 2 insurer joins a growing list of financialcompanies that have decided to spurn the coal industry overenvironmental concerns.
"AXA has decided to divest from the companies most exposedto coal-related activities for the assets managed internally.This initiative represents a divestment of 0.5 billion euros,"AXA Chief Executive Henri de Castries said in a statement.
He did not specify which investments AXA had sold or wouldsell.
The company also said it was tripling its environmentallyfriendly investments with the aiming of reaching 3 billion eurosby 2020 for the insurer's general account.
AXA's decision to axe coal investments comes two days afterFrench bank Credit Agricole said it had decided tostop financing coal mining and miners.
Bank of America said earlier this month it wascutting back its lending to the coal industry, while Frenchbank Societe Generale said it was restricting itsexposure to the sector.
However oil major Royal Dutch Shell's ChiefExecutive Ben van Beurden on Thursday slammed as a "red herring"calls for investors to divest from energy companies as part ofthe fight against climate change.
($1 = 0.9064 euros) (Reporting by Leigh Thomas; Editing by David Holmes)
