Fossil-Fuel Divestment Gains Momentum With Axa Selling Coal
AXA CEO: Climate Change Is an Extremely Large Risk
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France’s largest insurer will scrap holdings in coal companies because of concerns about climate change, broadening support for the fossil-fuel divestment movement to a major mainstream investor.
Axa SA Chief Executive Officer Henri de Castries said he’s working to sell 500 million euros ($559 million) of coal assets and triple “green investments” to 3 billion euros by 2020. He joined investors in Paris saying companies must act to contain global warming.