Pre-AG decryption & post-AG reaction ↓
AXA is often portrayed as a great climate champion. The insurer was a pioneer in the exodus of insurers from the coal sector and in 2020 became the leader of the alliance of insurers committed to reaching carbon neutrality. Unfortunately, the insurer and its asset management subsidiary AXA IM continues to insure and invest in oil and gas expansion. As many other financial players, AXA has put forward its desire to influence the climate strategy of the biggest polluters on the planet. But it’s hard to believe the well-rehearsed speeches when we take a closer look at the details. For instance, AXA seems to claim that oil and gas companies could have a credible transition plan even if they are investing in new fossil production projects. It’s absurd. When Reclaim Finance director Lucie Pinson called on AXA at the AGM to finally get in tune with the recommendations of scientists from the Intergovernmental Panel on Climate Change (IPCC) and the International Energy Agency (IAE), CEO Buberl did not directly address the question. Let’s hope AXA does better at the upcoming AGMs of major oil and gas companies and votes against their new oil and gas plans.