Commercial, Energy Efficiency, GHG Emissions - February 15, 2023
AXIS Capital Commits to 50% Emission Reduction Goals
AXIS Capital Holdings Limited announced its commitment to a 50% absolute reduction of Scope 1 and 2 GH) emissions by 2030 across its global operations.
The action is the company’s latest step in its goal to transition to a low-carbon economy as it uses a 2019 baseline.
“As a specialty insurer and reinsurer that operates in the property and casualty space, we see first-hand the importance of mitigating climate risk and supporting the transition to a low-carbon economy,” said Albert Benchimol, President and CEO of AXIS Capital in a statement. “I am proud of the actions AXIS has taken to date, such as investing in our Renewable Energy business and significantly limiting new thermal coal and oil sands business from our insurance, facultative reinsurance and investment portfolios, with a goal to fully phase these out by 2040 globally. ”
The company will phase out of thermal coal business from insurance, facultative reinsurance, and investment portfolios by 2030 in OECD countries and the EU and 2040 globally, and significantly limit new business related to oil sands and the exploration, production and transportation of oil and gas in the Arctic National Wildlife Refuge.
AXIS Capital also announced the launch of an initiative in the United Kingdom to incentivize its employees' use of electric cars.
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