Axa to Divest of Fossil Fuel Assets and Make Green Investments - The Minute
- 9 years ago
Axa has become the first global financial insurer to divest from its investments in coal companies. Until now, the campaign to divest from fossil fuel businesses has been led by private money management firms like that of the Rockefeller family and public institutions such as Stanford University.
Axa is a mainstream financial institution with $1 trillion in assets under management. Insurance companies have been vocal in urging governments to address climate change because their holdings are among the most exposed to the risks of extreme weather. But Axa is the first to take action to reduce its risk. The French company will sell ?500 million worth of coal assets by the end of this year. The divestment includes interests in mining companies with more than 50 percent of their revenue from coal mining and electric utilities that get more than half of their energy from coal plants. Axa will also invest ?3 billion in clean technology, green infrastructure, and green bonds by 2020.
Read the release: http://bit.ly/1Awxvzx
? 2015 | 3BL Media| All Rights Reserved
Axa is a mainstream financial institution with $1 trillion in assets under management. Insurance companies have been vocal in urging governments to address climate change because their holdings are among the most exposed to the risks of extreme weather. But Axa is the first to take action to reduce its risk. The French company will sell ?500 million worth of coal assets by the end of this year. The divestment includes interests in mining companies with more than 50 percent of their revenue from coal mining and electric utilities that get more than half of their energy from coal plants. Axa will also invest ?3 billion in clean technology, green infrastructure, and green bonds by 2020.
Read the release: http://bit.ly/1Awxvzx
? 2015 | 3BL Media| All Rights Reserved