Aviva has become the latest investor to join the growing number of organisations signing up to the global fossil fuel divestment campaign.

The British insurance giant has given notice to 40 coal and coal-related companies that it plans to sell its holdings if it does not take radical steps in fighting climate change. The companies, in which Aviva has direct holdings rather than money invested on its clients' behalf, derive a minimum of 30% of their revenues from the coal industry. Annoucning the plans at a climate change conference in London, Aviva CEO Mark Wilson also told delegates that the company would also invest £2.5bn in renewable energy over the next five years.

Aviva's move follows French insurance giant Axa, which earlier this year announced similar plans to sell off coal assets. As Jonny McCaig, sustainability consultant for CSR reporting specialist Radley Yeldar commented "Aviva won't be the last big investor to pressure the fossil fuel industry into a fundamental reappraisal of their business model. It's a hedge against future risk, notably climate change regulation and the changing tide of public opinion."