AXIS Capital Holdings has introduced a dedication to a 50% absolute discount of Scope 1 and a pair of greenhouse gasoline (GHG) emissions by 2030 throughout its operations.
The dedication is the corporate’s newest step in its plan to transition to a low-carbon economic system. Using a 2019 baseline, AXIS Capital’s GHG discount targets align with the objectives of the Paris Agreement – to restrict international warming to beneath 2°C above pre-industrial ranges.
“As a specialty insurer and reinsurer that operates in the property and casualty space, we see firsthand the importance of mitigating climate risk and supporting the transition to a low-carbon economy,” mentioned Albert Benchimol, president and CEO of Axis Capital. “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.”
The dedication is a part of AXIS Capital’s broader local weather technique, pushed by its Corporate Citizenship program. Recent local weather motion by the corporate contains:
- Underwriting and funding
- Continued funding in renewable power insurance coverage enterprise
- Completed audit of (re)insurance coverage portfolio’s local weather dangers and alternatives throughout product strains
- Publication of ESG Investment Policy in 2022, which included local weather components
- Phase out thermal coal enterprise from insurance coverage, facultative reinsurance, and funding portfolios by 2030 in OECD international locations and the EU and by 2040 globally, and significantly restrict new enterprise associated to grease sands and the exploration, manufacturing and transportation of oil and gasoline within the Arctic National Wildlife Refuge
- Supply chain: Signatory of world pledge for sustainable provide chains by way of the Sustainable Markets Initiative Insurance Task Force, of which AXIS is a member
- Employee commuting: Transition to international hybrid work mannequin, launch of profit packages equivalent to a UK initiative to incentivize the usage of electrical automobiles
- Disclosure: Published first Task Force on Climate-Related Financial DIsclosures-aligned report in 2022
- Research and improvement: Conducted local weather stress exams and continued analysis of climate-related knowledge by way of AXIS’s Exposure Management Center of Excellence
- Partnership and engagement: Membership in organizations together with the Lloyd’s Sustainable Markets Initiative Insurance Task Force and the Insurance Development Forum. More than 75% of native giving in 2022 was tied to ESG focus areas of local weather and variety, fairness and inclusion
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“A core value at AXIS is delivering on our promises, and we proudly hold ourselves accountable to GHG reduction goals,” mentioned Conrad Brooks, AXIS normal counsel and govt committee company citizenship sponsor. “We as individuals, as an organization, and as a society all have a role to play in mitigating climate risks.”
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