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AXA to Stop Coal Insurance in EU and OECD Countries by 2030

Coal News - Published on Fri, 29 Nov 2019

Image Source: AXA Coal
French insurer AXA has announced it is putting coal companies across Europe on notice that they should publish phase out plans compatible with the Paris Agreement by 2021 and that it will phase out its insurance and investment exposure to coal in the EU and OECD countries by 2030 and by 2040 around the rest of the world. It notes the policy will exclude around 400 businesses with plans to expand coal plants and mines and includes a refusal to renew contracts for clients highly exposed to the polluting fossil fuel. It also promised to stop selling insurance contracts, bar those covering employee benefits, to clients developing new coal projects larger than 300MW. The moves are all part of AXA's plan to align its business with a 1.5C warming trajectory, the stretch target in the Paris Agreement.

AXA CEO Thomas Buberl said "Today we are launching a new phase in our climate strategy to accelerate our contribution to the transition towards a low-carbon and resilient economy, notably by focusing our sustainable finance efforts towards the energy transition of major industries. We are convinced that it is an absolute priority if we want to reach the objectives of the Paris Agreement."

AXA said its current investments have 3.1C of 'warming potential', well above its target of 1.5C by 2050 which would put it in line with the aims of the Paris Agreement.

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Posted By : Yogender Pancholi on Fri, 29 Nov 2019
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