GHG Emissions - October 22, 2021
AXIS Unveils Plan to No Longer Insure Coal Business Activities
AXIS Capital announced Oct. 20 its new policy of no longer insuring projects conducted by thermal coal businesses in an attempt to redirect its support toward climate-related investments.
The insurance company will phase out thermal coal businesses from its insurance, facultative reinsurances and investment portfolio before 2030 in OECD countries and the EU and 2040 globally. AXIS will focus on supporting renewable energy projects and companies working toward transitioning away from thermal coal and oil sands.
The company will also invest $20 million in BlackRock’s Climate Finance Partnership (CFP) as part of this initiative to support climate infrastructure in emerging markets.
This new policy follows a previous decision to restrict insurance activities in the Arctic National Wildlife Refuge.
“It is our belief at AXIS that the (re)insurance industry needs to move to the forefront of the efforts to transition to a low-carbon economy,” Albert Benchimol, AXIS President and CEO, said in a statement. “Today’s actions reflect the determination and commitment of our team to contribute to positive environmental change.”
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