Peabody Energy, the world’s largest publicly listed coal mining company, filed for Chapter 11 bankruptcy protection under US law on Wednesday.
Peabody’s bankruptcy comes months after a landmark agreement to cap global warming to 2°C was reached at the United Nation’s COP21 conference in Paris last December.
“Climate risks should be further integrated in investment portfolios,” said Alexis Dutertre, the Deputy Permanent Representative of France to the EU, during a recent event in Brussels, according to Euractiv.
Dutertre also suggested “penalties” be imposed for those investing in fossil fuels.
Pressure is building on global regulators and the European Commission to “stress-test” portfolios of large institutional investors against long-term objectives to reduce climate change, in a move that could continue to shift billions in investment away from fossil fuels.