AXA to stop insuring new coal, tar sands and pipeline projects & increases divestment to combat climate change
Author: AXA, Published on: 14 December 2017
"AXA accelerates its commitment to fight climate change," 12 Dec 2017
In 2015, AXA committed to reach Euro 3 billion in green investments by 2020. Given that this target has already been reached, the Group has decided to quadruple its original target and reach Euro 12 billion by 2020. This accelerated target is twice as high as the recent recommendation from Christiana Figueres, former Executive Secretary of the United Nations Framework Convention on Climate Change... AXA decided two years ago to divest Euro 500 million from the coal industry... [and will now] increase its divestment fivefold to reach Euro 2.4 billion... In addition, because oil sands are also an extremely carbon-intensive form of energy and a serious cause of environmental pollution, AXA announced the divestment of over Euro 700 million from the main oil sands producers and associated pipelines, and the discontinuation of further investments in these businesses...
AXA will stop insuring any new coal construction projects. Similarly, the Group will stop insuring the main oil sands and the associated pipeline businesses... AXA and the International Finance Corporation (IFC) are launching an innovative USD 500 million partnership supporting climate related infrastructures projects in emerging countries with private sector funding... [According to Chief Executive Officer Thomas Burbel] " At AXA, we are willing to make all efforts to help mitigate climate change. Unsustainable business will become un-investable and uninsurable business."
Related companies: AXA