French insurer AXA speeds coal industry exit plans

first_img FacebookTwitterLinkedInEmailPrint分享Reuters:France’s AXA said it was strengthening its climate strategy by committing to exit coal more quickly across a greater number of countries, as policymakers seek a faster transition to a low-carbon economy.AXA said that as an investor it would exit completely from the coal industry across countries in the Organisation for Economic Cooperation and Development (OECD) and the European Union by 2030, and the rest of the world by 2040.In other steps announced on Wednesday, the French insurer said it will put 12 billion euros ($13.23 billion) in “green investments” between 2020-2023.AXA added that as an insurer, it would restrict coal underwriting policy and stop selling insurance contracts, apart from employee benefits offers, to clients developing new coal projects that exceed 300 MW in capacity.The moves by AXA drew praise from some environmental groups. “AXA is leading the way by driving its portfolio of coal down to zero by 2030,” said Regine Richter, Energy Campaigner at Germany-based campaign group Urgewald.More: French insurer AXA to exit coal investments in OECD states by 2030 French insurer AXA speeds coal industry exit planslast_img

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