M&G has said it will end investments in thermal coal in developed countries by 2030 and emerging markets by 2040.

The firm has joined the Powering Past Coal Alliance in an attempt to reach net-zero emissions in it investments by 2050. It says it will end all investments in new coal mines and coal-fired plants and implement this year. John Foley, chief executive of M&G, said: ‘An accelerated phase-out of coal is essential if we want to limit global warming and ensure a sustainable future for our planet.’