AXIS Capital Commits to GHG Reduction Goals

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Picture of a man walking through a coal field in China.

AXIS Capital has pledged to cut its Scope 1 and 2 greenhouse gas (GHG) emissions by 50% by 2030 across all of its worldwide operations. This move represents the company's most recent effort to shift towards a low-carbon economy.

The GHG reduction targets are based on scientific research and have been aligned with the objectives of the Paris Agreement, which aims to keep global warming significantly below 2°C compared to pre-industrial levels, using a 2019 baseline.

Albert Benchimol, President and CEO of AXIS Capital, said, "As a specialty insurer and reinsurer that works in the property and casualty space, we know from experience how important it is to reduce climate risk and help the transition to a low-carbon economy. 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, 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.”

AXIS Capital's climate strategy is driven by its Corporate Citizenship program, of which the commitments announced are just one element. These new commitments complement and extend recent climate actions undertaken by AXIS, such as:

  • Value chain initiatives.

  • Underwriting and Investment activities, including investment in Renewable Energy insurance business, an audit of the climate risks and opportunities in the company's (re)insurance portfolio, and the publication of an ESG Investment Policy in 2022 that includes climate factors. It also includes a pledge to phase out the thermal coal business from insurance, facultative reinsurance, and investment portfolios by 2030 in OECD countries and the EU, and by 2040 globally, as well as to significantly restrict new business related to oil sands and the exploration, production, and transportation of oil and gas in the Arctic National Wildlife Refuge.

  • Supply chain initiatives, such as signing the global pledge for sustainable supply chains through the Sustainable Markets Initiative Insurance Task Force, of which AXIS is a member.

  • Employee commuting initiatives, including the transition to a global hybrid work model and the launch of benefit programs that incentivise the use of electric cars.

  • Disclosure efforts, including the publication of the first Task Force on Climate-Related Financial Disclosures (TCFD)-aligned report in 2022 and the provision of AXIS reporting aligned with the Sustainability Accounting Standards Board (SASB) on the company website.

  • Research and development activities, including climate stress tests and continued evaluation of climate-related data through AXIS's Exposure Management Centre of Excellence to better understand risk.

  • Partnership and engagement initiatives, such as membership in organisations like the Lloyd's Sustainable Markets Initiative Insurance Task Force and the Insurance Development Forum, and local giving that is more than 75% tied to AXIS's ESG focus areas of climate and Diversity, Equity, and Inclusion (DEI).

Conrad Brooks, AXIS's General Counsel and Executive Committee Corporate Citizenship Sponsor, said, "A core value at AXIS is keeping our promises, and we're proud to hold ourselves accountable to GHG reduction goals. We all have a part to play in reducing climate risks as individuals, as a group, and as a society as a whole."

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Source: AXIS Capital

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