Axa extends oil and gas exclusions

Axa has extended its oil and gas exclusions to help fight climate change and support the transition towards a low carbon economy.

It will stop investing in and underwriting new upstream oil greenfield exploration projects, unless they are carried out by companies with credible transition plans.

The insurer currently excludes all new direct investments in listed equities and corporate bonds in developed markets in oil and gas companies operating in upstream, oilfield services and downstream sub-sectors, as well as most midstream players.

Protecting the Arctic region

The company has also promised to significantly reduce its investment and insurance exposure to unconventional exploration and production from 2022.

It has also increased its green investment target to €26 billion (£22 billion) by 2023, compared to the €24 billion (£20 billion) it announced at the end of 2020.

Axa’s chief executive Thomas Buberl said: “The climate emergency requires us to step up our actions and support the transition towards a low carbon economy.

“The unprecedented and complex transformation needed can only happen by enabling companies from the energy sector to implement ambitious transition plans.

”Going forward, Axa is determined to focus its support only on actors with the most far-reaching and credible transition strategies.”