’These targets demonstrate our determination to pursue our commitment towards climate change,’ says chief executive
Axa has published new targets in a bid to decarbonise various of its property and casualty insurance portfolios.
In a statement released yesterday (29 June 2023), the insurer said it wanted to reduce carbon emissions of the group’s largest commercial insurance clients by 30% and the carbon intensity of other corporate clients by 20% by 2030.
In the same period, Axa aims to lower the carbon intensity of the most material personal motor portfolios in the group by 20% and develop environmentally sustainable claims management by 2026.
As part of the plans, the insurer said it wanted to develop its insurance activities to help with the transition.
This includes increasing its business in the field of renewable energies and more broadly across sectors transitioning to low carbon business models.
Axa will also strengthen dialogue with its customers, external stakeholders and partners to better support them in the transition.
Thomas Buberl, chief executive of Axa, said: “As insurers, we see the increasing risks that climate change and the loss of biodiversity pose to our economies and societies and how they are intensifying.
“We will continue engaging with our clients and our stakeholders leveraging all the levers at our disposal, from prevention to investment, from the financing of scientific research to insurance, as well as partnerships and collaboration with private and public players.”
Determination
This came as Axa published the eight edition of its Climate and Biodiversity report yesterday.
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It highlighted the different dimensions of its action on climate and biodiversity, such as governance, strategy, risk management and quantified indicators of the impact of its actions.
As part of its plans, the insurer said it was continuing its efforts to reduce the carbon footprint of investment activities.
It has set a target of lowering the carbon footprint of its general account assets by 50% between 2019 and 2030.
Buberl added: “These targets demonstrate our determination to pursue our commitment towards climate change.
”The indicators in our Climate and Biodiversity report indicate the progress made, but also the efforts that are still required in terms of access to data, strengthening measurement and modeling methodologies and the importance of accelerating the pace of the transition.”
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