In the run-up to COP26, AXA extends its commitment to fight climate change and protect biodiversity. AXA announces several new milestones in its approach to the energy sector by strengthening its existing Oil and Gas exclusions, with a specific focus on unconventional activities and new greenfield explorations.
The climate emergency requires us to step up our actions and support the transition towards a low-carbon economy. The unprecedented and complex transformation needed can only happen by enabling companies from the energy sector to implement ambitious transition plans. Going forward, AXA is determined to focus its support only on actors with the most far-reaching and credible transition strategies.
AXA’s new commitments are the following*:
Firstly, AXA will stop investing in and underwriting new upstream oil greenfield exploration projects unless they are carried out by companies with the most far-reaching and credible transition plans.
Secondly, AXA will significantly reduce its investment and insurance exposure to unconventional exploration and production from its business from 2022, as follows:
Lastly, AXA continues to intensify its investments in green and low-carbon energies.
With over 10 years of experience and a long-standing commitment to adapt its business and leverage its strengths in the fight against climate change, AXA continues to tighten its investment and underwriting criteria, which are today among the most demanding in our industry. As the world enters a decisive decade in this fight, AXA aims to continue working and engaging with all the relevant players to deliver on its Net-Zero commitments, while continuing to support economies and societies in this unprecedented transformation.
*Please refer to AXA's memorandum entitled “AXA Group Energy Policy, Focus on the Oil and Gas Industry” for further details on AXA's new commitments (https://www.axa.com/en/about-us/climate-change-and-biodiversity-strategy).
**https://urgewald.org/english. As the final version of the Global Oil and Gas Exit List will expected to be released in November 2021, AXA refer to a provisional version of this list.