AXA has revealed its targets to drive the decarbonisation of various P&C insurance portfolios, with the firm stating it will reduce the absolute carbon emissions of its largest commercial insurance clients by 30% by 2030.
AXA’s targets also include increasing its business in the field of renewable energies, and more broadly across sectors transitioning to low-carbon business models, as well as developing environmentally sustainable claims management for its motor business by 2026.
The firm has outlined its intention to reduce the carbon intensity of the most material personal motor portfolios in the Group by 20% by 2030 compared with the 2019 baseline.
Meanwhile, AXA said it will also reduce the absolute carbon emissions of the Group’s largest commercial insurance clients by 30% and the carbon intensity of other corporate clients by 20% by 2030 compared with a 2021 baseline.
The French insurer also plans to strengthen dialogue with its customers, particularly its corporate customers, but also with its external stakeholders and partners to better support them in the transition.
According to AXA, these targets are based on new calculation methodologies developed and promoted by the sector.
“We expect these methodologies to evolve as data availability improves, but they are a first step to better steer the carbon impact of our insurance portfolios,” the firm explained.
After setting a target of reducing the carbon footprint of AXA’s general account assets by 20% between 2019 and 2025, AXA is now setting a new target of a 50% reduction between 2019 and 2030.
Thomas Buberl, CEO of AXA, commented, “These targets demonstrate our determination to pursue our commitment towards climate change.
“The indicators in our Climate and Biodiversity report indicate the progress made, but also the efforts that are still required in terms of access to data, strengthening measurement and modelling methodologies, and the importance of accelerating the pace of the transition.
“As insurers, we see the increasing risks that climate change and the loss of biodiversity pose to our economies and societies, and how they are intensifying.
“We will continue engaging with our clients and our stakeholders leveraging all the levers at our disposal, from prevention to investment, from the financing of scientific research to insurance, as well as partnerships and collaboration with private and public players.”
