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AXIS Further Strengthens Fossil Fuel Underwriting and Investment Policy to Support Low-Carbon Economy Transition
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AXIS Capital announced updates to its fossil fuel underwriting and investment policy, committing to phase out thermal coal by 2030 in OECD countries and 2040 globally. The new policy also includes thermal coal developers and continues to support renewable energy projects. Furthermore, AXIS is investing $20 million in BlackRock’s Climate Finance Partnership, focusing on climate-infrastructure investments in emerging markets. These initiatives align with AXIS’s commitment to a low-carbon economy and corporate citizenship efforts led by its executives.
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Commitment to phase out thermal coal business by 2030 in OECD and 2040 globally.
Investment of $20 million in BlackRock’s Climate Finance Partnership.
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Builds on Renewable Energy Actions With Climate Investment in Emerging Markets
PEMBROKE, Bermuda--(BUSINESS WIRE)--
As part of its commitment to support the transition to a low-carbon economy, AXIS Capital Holdings Limited (“AXIS Capital” or “AXIS”) (NYSE: AXS) today announced several updates to its fossil fuel underwriting and investment policy related to thermal coal, oil sands and the Arctic National Wildlife Refuge.
In particular, the Company has bolstered its existing policy by committing to phasing out thermal coal business from its insurance, facultative reinsurance, and investment portfolios, ending all such activities no later than 2030 in OECD countries and the EU and 2040 globally. It has also included thermal coal developers within the scope of its policy. The policy continues to include provisions in support of renewable energy projects and companies that are transitioning business models away from thermal coal and oil sands. These measures are in addition to the previously announced restrictions on activities in the Arctic National Wildlife Refuge.
Additionally, building on its commitment to renewable energy, the Company is investing $20 million in BlackRock’s Climate Finance Partnership (CFP), a fund focused on climate-infrastructure investments in emerging markets.
"It is our belief at AXIS that the (re)insurance industry needs to move to the forefront of the efforts to transition to a low-carbon economy. Today’s actions reflect the determination and commitment of our team to contribute to positive environmental change,” said Albert Benchimol, AXIS President and CEO.
These actions support the Company’s broader corporate citizenship initiative led by AXIS General Counsel Conrad Brooks and Corporate Citizenship Committee Chair Anna Kukowski. The initiative is overseen by AXIS President and CEO Albert Benchimol and the Corporate Governance and Nominating Committee of the AXIS Board of Directors.
Conrad Brooks, General Counsel of AXIS, added: “We are very proud to announce these enhancements but much work still remains. We’re committed to building on these actions and growing our efforts to help create a more sustainable future. We look forward to engaging with talent and collaborating with companies that share our beliefs and values.”
See this link for the full policy, more information about AXIS’ Corporate Citizenship program, and the Company’s recently released 2020 report aligned with the Sustainability Accounting Standards Board (SASB) standards, its 2020 United Nations Global Compact Communication on Progress, and its 2020 Principles for Sustainable Insurance Annual Disclosure.
About AXIS Capital AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $5.4 billion at June 30, 2021, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.
