NN Group has updated its thermal coal policy by strengthening restrictions on large thermal coal producers and companies developing new coal projects.
Furthermore, it has expanded the scope of exemptions and formalised the process for assessing and granting them.
“In limited cases, companies that exceed our restriction criteria may be considered for an exemption where deeper analysis shows credible transition plans and progress,” it said.
“This reflects our view that a rigid application of thresholds, or a single deadline, may not always fully capture a company's transition progress. We also recognise that social, regional and employment impacts from phasing out thermal coal can affect the pace and feasibility of transition in some circumstances. Just transition considerations are therefore taken into account when assessing exemptions, where wider societal impacts justify a more nuanced assessment.”
Since introducing the policy, NN Group has reduced its thermal coal-related investments from around €1.8bn in 2019 to approximately €300m at the end of 2025. This reduction reflects a combination of investments reaching maturity, companies reducing their thermal coal activities and selective divestments.
