Reinsurance News

AXIS Capital announces further commitments to reduce greenhouse gases

15th February 2023 - Author: Kassandra Jimenez-Sanchez

Axis Capital, a global specialty underwriter and provider of re/insurance solutions, announced its latest steps to reduce greenhouse gases (GHG) in its ambition to transition to a low-carbon economy.

axis-capital-logoThe company stated it is committing to a 50% absolute reduction of Scope 1 and 2 greenhouse gas emissions by 2030 across its global operations.

According to the announcement, using a 2019 baseline, AXIS’s science based GHG reduction targets are in line with the goals of the Paris Agreement – to limit global warming well-below 2°C above pre-industrial levels.

Albert Benchimol, President and CEO of AXIS Capital, said: “As a specialty insurer and reinsurer that operates in the property and casualty space, we see first-hand the importance of mitigating climate risk and supporting the transition to a low-carbon economy.

“I am proud of the actions AXIS has taken to date, such as investing in our Renewable Energy business and significantly limiting new thermal coal and oil sands business from our insurance, facultative reinsurance and investment portfolios, with a goal to fully phase these out by 2040 globally. Our alignment to science-based GHG reduction targets in our global operations is the latest step in our journey.”

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Optimization of the AXIS global real estate portfolio and identification of efficiencies in facilities management are some examples of the actions AXIS will take to achieve scope 1 and 2 emissions reductions.

These commitments, the company noted, are one element of the broader AXIS climate strategy driven by its Corporate Citizenship program.

They complement and build upon recent AXIS climate actions such as the company continued investment in Renewable Energy insurance businesses, and phase out of thermal coal business from insurance, facultative reinsurance, and investment portfolios by 2030 in OECD countries and the EU and 2040 globally, among many others.

“A core value at AXIS is delivering on our promises, and we proudly hold ourselves accountable to GHG reduction goals,” said AXIS General Counsel and Executive Committee Corporate Citizenship Sponsor Conrad Brooks. “We as individuals, as an organisation, and as a society all have a role to play in mitigating climate risks.”

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