AXA, in its 2020 Climate Report released on Friday, said that it made greener investments in 2019, moving closer to the targets of the Paris Agreement on climate change.
The report, the insurer said, meets both a legal obligation established by French law on energy transition for green and ecological growth, as well as the approach of the Taskforce on Climate-related Financial Disclosures (TCFD) that AXA has supported since its creation.
By end-2019, AXA said that its “warming potential” was 2.8°C, down compared to 2018 (3°C) and below the market average (3.6°C).
The “warming potential” is the report’s main indicator and it measures the impact of AXA’s investments on global warming and its contribution to the fight against climate change. The global insurer seeks to align its investments with the objectives of the Paris Agreement by 2050. The agreement aims to keep average global temperature rise (compared to pre-industrial levels) to below 2°C by 2050.
“AXA has been a pioneer in taking ambitious measures to combat climate change,” said AXA chief executive Thomas Buberl. “Our climate report is an essential tool for measuring the effectiveness of the strategy we have implemented. It also shows that we must collectively pursue our efforts to achieve the objectives of the Paris Agreement, notably in the context of the post-COVID-19 economic recovery.”
