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AXA to Cut Fossil Fuel Investments With Industry in Crosshairs

Oct. 29, 2021, 12:58 PM

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.

“Going forward, AXA is determined to focus its support only on actors with the most far-reaching and credible transition strategies,” Chief Executive Officer Thomas Buberl said in the statement. ...