AXA to Invest EUR12 Billion in Fight Against Climate Change
December 12 2017 - 5:18AM
Dow Jones News
By Marc Bisbal Arias
AXA SA (CS.FR) said Tuesday that it would accelerate its
commitment to fight climate change by increasing its green
investments to 12 billion euros ($14.1 billion).
The insurer, which had committed in 2015 to reach EUR3 billion
in green investments by 2020, said that it's quadrupling the
original target, given that it has already reached it.
"A +4°C world is not insurable. As a global insurer and
investor, we know that we have a key role to play," said Chief
Executive Thomas Buberl, adding that in the spirit of the Paris
Agreement, the company wants to accelerate its commitment and
confirm its leadership in the fight against global warming.
AXA said that it would also divest more than EUR3 billion from
carbon-intensive energy producers. In 2015, the company had decided
to divest EUR500 million from the coal industry, a figure that it
has decided to increase fivefold to EUR2.4 billion. In addition, it
will divest EUR700 million from the main oil sands producers and
associated pipelines, and said that it will stop further
investments in these businesses.
It would be inconsistent to commercially support industries that
the group is divesting from, the company said, adding that it will
stop insuring any new coal construction projects. Similarly, it
will stop insuring the main oil sands and the associated pipeline
businesses.
AXA and the International Finance Corporation are launching an
innovative $500 million partnership to support climate-related
infrastructure projects in emerging countries with private sector
funding, it said. No investments in coal and oil sands related
projects will be made.
"The fight against climate change requires engagement in a
global collective action. This can be done through collaborations
and partnerships, and also by leading by example," Mr. Buberl
added.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
December 12, 2017 05:03 ET (10:03 GMT)
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