Climate Changed
AXA to Cut Fossil Fuel Investments With Industry in Crosshairs
- Axa aims to invest $30 billion in green energy by 2023
- Climate activists say AXA’s measures don’t go far enough
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AXA SA, France’s biggest insurer, is broadening the list of fossil-fuel activities that it will refrain from investing in, as pressure grows on financial companies to step back from funding industries that damage the climate.
Starting from 2023, the Paris-based insurer will stop investing in and underwriting upstream oil greenfield exploration projects, taking into account the Science-Based Targets initiative (SBTi) framework as it becomes available, the insurer said on Friday.