AXIS Capital commits to reducing emissions
Author: Ryan Smith
AXIS Capital Holdings has announced a commitment to a 50% absolute reduction of Scope 1 and 2 greenhouse gas (GHG) emissions by 2030 across its operations. The commitment is the company’s latest step in its plan to transition to a low-carbon economy. Using a 2019 baseline, AXIS Capital’s GHG reduction targets align with the goals of the Paris Agreement – to limit global warming to below 2°C above pre-industrial levels. “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,” 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.” “A core value at AXIS is delivering on our promises, and we proudly hold ourselves accountable to GHG reduction goals,” said Conrad Brooks, AXIS general counsel and executive committee corporate citizenship sponsor. “We as individuals, as an organisation, and as a society all have a role to play in mitigating climate risks.”