AXA XL unveils new sustainability strategy


AXA XL unveils new sustainability strategy

Re/insurer AXA XL has launched a new strategy designed to address critical sustainability challenges and raise awareness of biodiversity risks and nature-based solutions.

The three-year strategy, “Roots of resilience”, comprises 23 ambitious targets to be met by 2026 or before, and is built on three main themes: valuing nature, addressing climate change and integrating ESG factors into its business operations.

AXA XL seeks to protect nature by raising awareness of biodiversity and nature-based solutions. Key biodiversity goals include launching a collaborative partnership to take positive action for nature and increasing client awareness of underappreciated nature risks by 2025 and planting over 300,000 trees prioritising degraded land or other critical reforestation areas by 2026.

To play its part in addressing climate change, AXA XL will publish a net zero roadmap, promoting an equitable transition to a low-carbon economy and leading a series of initiatives demonstrating the necessity of societal-led climate solutions.

The company is planning to provide ESG and sustainability training to all employees by 2024 and by 2026, is aiming to invest 75,000 volunteering hours and $5 million through its Hearts in Action philanthropy programs around the world.

Furthermore, by 2026 AXA XL intends to develop processes to measure and reduce the carbon footprint associated with its supply chain and strengthen its human rights-related due diligence.

Commenting on the new strategy, Scott Gunter, CEO of AXA XL, said: “The window of opportunity to build a resilient future for the planet is rapidly closing. Our new strategy aims to raise awareness of biodiversity risks to inspire clients and colleagues to put nature first.

“As a leading commercial insurer and reinsurer, partnering with many of the world’s major corporations and brands, we know that focusing on sustainability is not just a good thing to do, it’s good risk management.

“Consumers’ interest in the Environmental and Social Governance (ESG) standards of companies they buy from, increased activism, shareholder pressures, and greater regulatory oversight are all important factors which put sustainability at the very heart of how companies operate.”

AXA XL, Strategy, Biodiversity Risk, Insurance, Reinsurance, Bermuda

Bermuda Re