(Bloomberg) -- France’s largest insurer will scrap holdings incoal companies because of concerns about climate change,broadening support for the fossil-fuel divestment movement to amajor mainstream investor.

Axa SA Chief Executive Officer Henri de Castries said he’sworking to sell 500 million euros ($559 million) of coal assets andtriple “green investments” to 3 billion euros by 2020. He joinedinvestors in Paris saying companies must act to contain globalwarming.

“There is one thing which is absolutely clear: If the warminggoes beyond 2 degrees, it’s going to become tougher and tougher andprobably impossible” for insurers to cope with damage to theenvironment, De Castries said in an interview on BloombergTelevision in Paris on Friday. “Insurers are the mirror of whathappens in the economy and in the society. We try to increase whatwe do on the prevention side.”

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