Axa SA unveiled a stepped-up climate strategy that features a strengthened coal policy.
It vowed a complete coal exit in countries within the EU and the Organisation for Economic Co-operation and Development by 2030, and from the rest of the world by 2040. In the shorter term, existing investment thresholds will be reinforced, with a tightened focus on companies developing new coal capacities.
Axa will also ban any insurance business with clients developing new coal projects that exceed 300 MW in capacity, as well as further restrict underwriting services with coal-related businesses. The ban does not include the employee benefits segment.
The French insurer plans to double its green investment objective to €24 billion by 2023. It will launch in December a new tool called "FastCat," which will provide weather alerting and real-time assessments to support clients facing natural disasters such as floods, earthquakes, cyclones and wildfires.