AXA XL launches new strategy to address sustainability challenges

AXA XL has published its new three-year sustainability strategy, “Roots of resilience” setting itself 23 targets to be met by 2026 or earlier.

The strategy is built on three main themes: valuing nature, addressing climate change and integrating ESG factors into business operations.

AXA XL suggests that putting nature at the heart of its strategy further demonstrates its ambition to be an industry leader in protecting biodiversity, promoting resilient ecosystems and supporting community livelihoods.

The firm intends to leverage its global position to advance sustainability across the dozens of industries and countries it impacts.

Scott Gunter, CEO of AXA XL, commented, “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.”

Key biodiversity goals include launching a collaborative partnership to take positive action for nature and increasing client awareness of underappreciated nature risks by 2025.

AXA XL states it will plant over 300,000 trees prioritising degraded land or other critical reforestation areas by 2026.

AXA XL is also committing to publishing a net zero roadmap, promoting an equitable transition to a low-carbon economy and to leading a series of initiatives demonstrating the necessity of societal-led climate solutions.

In addition, the firm 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.

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

Source: Reinsurance News, https://www.reinsurancene.ws/axa-xl-launches-new-strategy-to-address-sustainability-challenges/