RE: AXA OUT PER FIDELITY9 May 2024 12:47
AXA will significantly reduce its investment and insurance exposure to unconventional exploration and production from its business from 2022, as follows:
Arctic: AXA extends the scope of its Artic investment and underwriting restrictions beyond the Arctic circle and the 70°N zone in alignment with the Arctic Monitoring and Assessment Programme (AMAP). Only businesses with Norwegian operations in the AMAP region will be maintained, given their high environmental standards and lower operational carbon footprint. AXA will strengthen the thresholds applicable to both its investments and insurance activities in this particularly fragile region, excluding new investments and underwriting coverage for Oil and Gas extraction activities carried out in the AMAP region by companies deriving more than 10% of their production from the AMAP region or producing more than 5% of the worldwide volume of AMAP-based Oil & Gas. For underwriting, exemptions may be granted if the projects are carried out by Oil and Gas companies with the most far-reaching and credible transition plans.
Oil sands: on top of the existing restrictions in place, AXA will adopt a more stringent policy by ceasing direct investments in companies producing more than 5% of the worldwide volume of oil sands. For underwriting, current exclusions will be extended to all lines of business.
Fracking / shale Oil and Gas: AXA will no longer directly invest in companies, nor provide any insurance coverage to activities of companies, deriving more than 30% of their production from fracking / shale Oil and Gas.
Lastly, AXA continues to intensify its investments in green and low-carbon energies.
The Group's green investment target increases to Euro 26 billion by 2023, compared to Euro 24 billion announced at the end of 2020.
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