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Australian pension fund Local Government Super (LGS) has awarded Pimco a mandate to manage AUD440 million ($322 million) of fixed-income securities according to environmental, social and governance (ESG) principles.

Total assets under management (AuM) in green bond funds has more than doubled since July 2017, to $5.34 billion, according to a survey by Environmental Finance. In the same period, the number of funds has risen by more than a third, to 38.

The CEO of Munich Re has announced a new climate and divestment policy for the German reinsurer, in a guest article for German newspaper Frankfurter Allgemeine Zeitung.

The intensification of climate risks and the degree to which they are accurately priced by financial markets are of increasing concern to global economic stability. However, as awareness around those risks has risen over the last years, there is still a long way to go to consistently measure and monitor their costs, which can result in substantial gains or losses for institutional investors. Vincent Huck reports

The firm seeks to expand its Allianz Renewable Energy Fund II

Allianz Global Investors (AllianzGI) has invested, on behalf of unnamed clients, in a private placement refinancing of two solar photovoltaic plants in Uruguay owned by clean power generator Atlas Renewable Energy.

Swiss Re will, from today, no longer provide re/insurance services to businesses with more than 30% exposure to thermal coal. The group already applies the same 30% threshold to the asset side of its balance sheet.

Almost half want to make more ESG allocations

Hannover Re is set to become the latest reinsurer to sell some of its coal-related investments.

The European Commission has announced the members of its Technical Expert Group on Sustainable Finance.