By Jessica DiNapoli

DAVOS, Switzerland (Reuters) – NN (NASDAQ) Group NV plans to speed up its exit from coal investments. Previously set for 2030, it was delayed by fears that Europe would revert to using fossil fuels. The CEO of Dutch insurance company David Knibbe spoke on the sidelines to the World Economic Forum.

Knibbe, who spoke to Reuters in Davos Wednesday about the risks posed by a dearth of natural gas and oil said that there is a danger of coal being substituted with it.

Knibbe stated, “Geopolitically, we can understand the sanctions. But from a carbon footprint perspective, it is not good.”

Knibbe stated that the insurer hadn’t yet determined the deadline to phase out coal investments.

This week, world leaders met in Davos to be concerned about market movements and whether companies will fail to achieve their goal of reaching net zero within the next decade. Some countries are already using coal as their primary energy source.

Knibbe stated that NN Group has approximately 200 billion euro in assets under management (or $2214 billion). This means even companies with a small coal exposure may be subject to divestment.

Since long, climate activists lobby investors not to support the highly polluting coal sector.

Knibbe explained that although we can’t engage on every topic, coal tops our priority list for engagement. Knibbe also stated that insurance would be charged more if carbon emissions are reduced over time.

He said, “The longer it takes… the premiums will increase.”