French cover major AXA to exit coal by 2040

Kolkata: Indian insurer Bharti-AXA’s joint venture partner, French cover major AXA is the latest to announce exit from coal-based businesses.

“…completely exit the coal industry by 2030 in the OECD and EU countries, then in the rest of the world by 2040” it said in a statement on Wednesday.

AXA also targets to contain the warming potential of its investments to below 1.5°C by 2050. As part of this objective, the Group will double its green investment objective to reach Euro 24 billion by 2023.

“Our conviction has always been that the fight against climate change requires cooperation between all stakeholders to drive collective action. This is why AXA has decided to join the recently launched “Net Zero Asset Owner Alliance”, a coalition of institutional investors committed to transitioning their investments to “net-zero” greenhouse gas emissions by 2050 to align their portfolios with a 1.5°C scenario,” it said.

AXIS, Allianz, Liberty Mutual Insurance Co, Munich Re, Swiss Re, Australia’s QBE and Suncorp includes 29 global insurers that have enacted formal coal insurance restrictions and associated divestments across their investment portfolios. European insurers, UNIQA of Austria and MAPFRE of Spain, and French asset manager, BNP Paribas, brought in new restrictions on thermal coal financing, insurance and investments during March 2019.


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