AXA accelerates in its fight against climate change
In response to the international Summit on climate (» One Planet Summit «) which was just completed in Paris, the AXA group has decided to accelerate on the issue of climate change. In effect, the insurer has taken on new commitments. Overview of these new measures.
An objective of green investment to be revised upwards
In terms of green investments, AXA has already fulfilled one of its commitments in 2015, namely a target of 3 billion euros by 2020.
Since this commitment is already satisfied, the insurer has decided to proceed with the quadrupling of that objective, which is therefore now € 12 billion to be achieved by 2020.
As regards divestments, the AXA group has decided in 2015 to divest half-a-billion euros in the coal industry. To do this, the insurer has proceeded to the disposal of the investments that it held in companies in which more than half of income came from coal. Today, the insurer announces the multiplication by 5 of these divestitures to reach 2.4 billion euros. And, this applies to firms with more than 30 % of their revenues come from coal.
No insurance for polluting corporations
Through its activities as an insurer, the AXA group will no longer provide new project of construction of coal-fired power plants. Even denial of insurance for companies in extraction of oil sands and pipelines associated with it.
In addition, for its fight against climate change is to be successful, AXA has decided to become a key contributor to the «Task Force on Climate-related Financial Disclosures » (TCFD) and the insurer shall apply the recommendations in its next annual report.
For more effective action, the AXA group chairs the Group of Experts on Sustainable Finance of the European Commission (» EU High Level Expert Group on Sustainable Finance «), and joined various coalitions such as » Climate Action 100+ «.
Finally, AXA has launched a unique partnership with the assistance of the International Finance Corporation (IFC). With an endowment of $ 500 million, it should help to offer support to infrastructure projects related to the climate in the emerging countries.