“As a global insurer and investor, we know that we have a
key role to play and are proud to have taken these decisions and to have
inspired others,” said Buberl. “In the spirit of the Paris Agreement, we want
to accelerate our commitment and confirm our leadership in the fight against
global warming.”
In the investments front, AXA aims to reach Euro 12 billion
in green investments by 2020, which is four times the 2015 achieved target of
Euro 3 billion. This accelerated target is twice as high as the recommendation
of the United Nations Framework Convention on Climate Change, which is to
invest 1% of assets into green and clean technology by 2020.
In the area of Divestments, AXA decided two years ago to
divest Euro 500 million from the coal industry, targeting companies, which
derive over 50% of their revenues from coal. Today, AXA has decided to increase
its divestment to a record fivefold or Euro 2.4 billion, this time targeting
companies that derive more than 30% of their revenues from coal, have a
coal-based energy mix that exceeds 30%, actively build new coal plants, or
produce more than 20 million tons of coal per year. Similarly, AXA also announced
the divestment of over Euro 700 billion from the main oil sand producers and
associated pipelines, signaling the discontinuation of investments in these
businesses.
In the field of Insurance, AXA said that as a group, it
would no longer be insuring new coal construction projects as well as main oil
sands and associated pipelines.
AXA has also partnered recently with the International
Finance Corporation (IFC) in spearheading an innovative USD 500 million fund to
support climate related infrastructure projects in emerging countries.
AXA is currently the second largest life insurance company
in the Philippines, based on Total
Premium Income. Since 1999, AXA has focused on life
insurance and providing solutions for savings and investments, health, education,
income protection, and retirement. It pioneered bancassurance operations in the
Philippines, which is the distribution of insurance products through banks.
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