April 21, 2021
AXA to chair pioneering Net-Zero Insurance Alliance
Thomas Buberl, AXA’s CEO, closes the opening section of the “Glasgow Financial Alliance for Net Zero” (GFANZ) launch conference by explaining that a new alliance of insurers will fill an important gap: seven of the world’s leading insurers and reinsurers, working under the auspices of the UN Principles for Sustainable Insurance, are establishing a new “Net-Zero Insurance Alliance” (NZIA).
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Indeed, climate change mitigation requires an enduring and comprehensive effort from all market players. We understand what it means to be a climate-neutral investor, and it is a significant challenge we have accepted to take on when we joined the Net Zero Asset Owner Alliance, as part of our 2019 Climate Strategy. We also know how difficult yet necessary it is to transition away from certain carbon-intensive sectors as an insurance underwriter, while also better supporting green businesses.
However, the climate crisis must be treated like a crisis: the Net-Zero Insurance Alliance will serve to extend our commitments to climate neutrality to our insurance business in the right collective setting. We believe that the (re)insurance industry can play a key role in accelerating the transition to a resilient, net-zero emissions economy, in line with the 1.5°C target of the Paris Agreement. This Alliance will be presided by AXA.
The upcoming Alliance will support the Glasgow Financial Alliance for Net-Zero and related “Race to Zero” initiatives, and it will be launched in full ahead of COP26 as the insurance industry’s main business contribution to this key political milestone.
Renaud Guidée
Chair of the NZIA and Group Chief Risk Officer of AXA
We insurers and reinsurers can deliver impact on climate not only through our investment decisions but also through our underwriting actions. The insurance and reinsurance coverage we provide to our customers can support the transition to a greener economy. We believe it is our role to both serve our clients and preserve our planet,” said Renaud Guidée, Chair of the NZIA and Group Chief Risk Officer of AXA. Achieving the climate neutrality ambition is a matter of long-term sustainability, yet it comes with a sense of urgency.
The founding members of this future Alliance are currently working on ensuring that it will comply with applicable laws, rules and regulations, including anti-trust.
See UN PSI global communications here.
Mark Carney, the UK Prime Minister's Finance Advisor for COP26 and UN Special Envoy for Climate Action and Finance - in partnership with the UNFCCC Climate Action Champions and the Race to Zero campaign - are teaming-up to launch a global finance alliance for net zero. Thomas Buberl, AXA’s CEO, closes the opening section of the “Glasgow Financial Alliance for Net Zero”.
Click here to register.
