AXIS commits to cut its greenhouse emissions 50% globally

Re/insurer  AXIS Capital has committed to a 50 percent absolute reduction of Scope 1 and 2 greenhouse gas (GHG) emissions by 2030 across its global operations in a bid towards transition to a low-carbon economy.

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.

“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,” said 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.”

Example actions the Company will take to achieve Scope 1 and 2 emissions reductions include optimization of the AXIS global real estate portfolio and identification of efficiencies in facilities management.

These commitments are one element of the broader AXIS climate strategy driven by its Corporate Citizenship programme.

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