AXA: Tackling climate change and achieving net zero goals
Insurance provider AXA has committed to transitioning its insurance, reinsurance and investment portfolios to net-zero greenhouse gas (GHG) emissions by 2050, to support the goals of the Paris Climate Agreement.
The first phase of the insurer's investment decarbonisation plan was its commitment to reducing the carbon footprint of its general account investments by 20% between 2019 and 2025. By the end of 2022, this objective was met and exceeded, reducing its carbon footprint by 35%.
The second phase was established on 29 June 2023, with AXA pledging to achieve a new intermediate target on investments to reduce the carbon footprint of its General Account assets by 50% by 2030.
“As insurers, we see the increasing risks that climate change and the loss of biodiversity pose to our economies and societies, and how they are intensifying,” Thomas Buberl, Chief Executive Officer at AXA. “We will continue engaging with our clients and our stakeholders leveraging all the levers at our disposal, from prevention to investment, from the financing of scientific research to insurance, as well as partnerships and collaboration with private and public players.”
AXA: Taking net zero commitments to the next level
To further its net zero goals, AXA has committed to engaging with its top 200 largest commercial clients across the globe to increase their understanding of climate change – from now until 2026. The business is therefore assisting clients to understand their unique risks and needs with regard to the climate transition.
Similarly, the insurer is working to strengthen its services to facilitate the transition to a greener and more sustainable future, again, by 2026. AXA will focus on supporting renewable energy installations and infrastructure by 10%, while also expanding climate transition products, such as enhanced insurance coverage and nature-based solutions.
AXA is also focused on educating its retail customers on sustainable mobility and electric vehicles by empowering customers to make environmentally-conscious choices.
Through these efforts, AXA is determined to contribute positively to the global climate transition and become a leader in promoting sustainability in the insurance industry.
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