AXA's Pledge: Advancing Renewable Energy in Europe

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by KnowESG,

AXA SA

KnowESG_AXA renewable energy commitment in Europe
Image courtesy of Freepik

AXA made an extraordinary announcement, entering into a ten-year Virtual Power Purchase Agreement (VPPA) with IGNIS, a Spanish-integrated renewable energy group.

This innovative agreement allows AXA to support both its own energy needs and contribute renewable electricity to the grid.

The VPPA focuses on a solar power plant in Spain's Andalusia region, set to begin construction soon and expected to be operational by May 2025.

AXA commits to purchasing 90% of the plant's renewable electricity output, amounting to 84 GWh annually. This will cover the electricity consumption of AXA Group's buildings and data centres across Europe.

Schneider Electric, a leading advisor on global corporate renewable energy procurement, played a vital role in supporting AXA's project selection and VPPA negotiations.

Alexander Vollert, Group Chief Operating Officer and CEO of AXA Group Operations highlights the significant environmental impact of this contract. The buildings and digital sector constitute the largest share of AXA's carbon footprint, and this VPPA reinforces AXA's commitment to decarbonising its operations in these areas.

Ulrike Decoene, Group Chief Communication, Brand, and Sustainability Officer, emphasises that AXA will surpass its goal of reducing CO2 emissions from its operations by 20% by 2025 through this initiative. The VPPA aligns with AXA's strong dedication to promoting renewable electricity and contributing to the transition to a low-carbon economy in Europe.

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Source: AXA

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