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Axa’s new oil and gas policy has ‘derailed’ its net zero ambitions – Reclaim Finance

By 2021-11-03T08:31:00

missed target

Despite introducing exclusions, the insurer has left a cover loophole, enabling it to continue insuring oil and gas expansions, says NGO

Axa’s new oil and gas exclusions only cover 43.5% of currently planned global oil and gas expansion projects, allowing the business to continue insuring the remaining 56.5%, according to calculations by Paris-based non-government organisation Reclaim Finance.

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