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AXIS Capital Holdings has introduced a dedication to a 50% absolute discount of Scope 1 and a pair of greenhouse fuel (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. Utilizing a 2019 baseline, AXIS Capital’s GHG discount targets align with the targets of the Paris Settlement – to restrict international warming to beneath 2°C above pre-industrial ranges.
“As a specialty insurer and reinsurer that operates within the property and casualty house, we see firsthand the significance of mitigating local weather threat and supporting the transition to a low-carbon economic system,” stated Albert Benchimol, president and CEO of Axis Capital. “I’m pleased with the actions AXIS has taken thus far, akin to investing in our renewable vitality enterprise and considerably limiting new thermal coal and oil sands enterprise from our insurance coverage, facultative reinsurance and funding portfolios, with a objective to completely section these out by 2040 globally. Our alignment to science-based GHG discount targets in our international operations is the newest step in our journey.”
The dedication is a part of AXIS Capital’s broader local weather technique, pushed by its Company Citizenship program. Current local weather motion by the corporate consists of:
- Underwriting and funding
- Continued funding in renewable vitality insurance coverage enterprise
- Accomplished audit of (re)insurance coverage portfolio’s local weather dangers and alternatives throughout product traces
- Publication of ESG Funding Coverage in 2022, which included local weather components
- Section out thermal coal enterprise from insurance coverage, facultative reinsurance, and funding portfolios by 2030 in OECD nations and the EU and by 2040 globally, and considerably restrict new enterprise associated to grease sands and the exploration, manufacturing and transportation of oil and fuel within the Arctic Nationwide Wildlife Refuge
- Provide chain: Signatory of worldwide pledge for sustainable provide chains by way of the Sustainable Markets Initiative Insurance coverage Job Power, of which AXIS is a member
- Worker commuting: Transition to international hybrid work mannequin, launch of profit packages akin to a UK initiative to incentivize using electrical vehicles
- Disclosure: Revealed first Job Power on Local weather-Associated Monetary DIsclosures-aligned report in 2022
- Analysis and growth: Performed local weather stress checks and continued analysis of climate-related knowledge by way of AXIS’s Publicity Administration Heart of Excellence
- Partnership and engagement: Membership in organizations together with the Lloyd’s Sustainable Markets Initiative Insurance coverage Job Power and the Insurance coverage Growth Discussion board. Greater 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 worth at AXIS is delivering on our guarantees, and we proudly maintain ourselves accountable to GHG discount targets,” stated Conrad Brooks, AXIS common counsel and govt committee company citizenship sponsor. “We as people, as a company, and as a society all have a task to play in mitigating local weather dangers.”
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