{"id":29097,"date":"2023-04-26T10:39:29","date_gmt":"2023-04-26T08:39:29","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=29097"},"modified":"2023-04-26T10:47:03","modified_gmt":"2023-04-26T08:47:03","slug":"there-will-be-no-transition-with-new-gas-fields-and-new-lng-terminals","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2023\/04\/26\/there-will-be-no-transition-with-new-gas-fields-and-new-lng-terminals\/","title":{"rendered":"There will be no transition with new gas fields and new LNG terminals"},"content":{"rendered":"

Dear Mr. Buberl,<\/p>\n<\/div>

For almost seven years now, you have been at the head of one of the world’s largest insurers, which also claims to be one of the most engaged on environmental issues. Under your leadership, your group was one of the first to make commitments on coal and then on oil and gas. As an insurer and risk manager, AXA knows better than anyone else the growing climate risks that are impacting its activities, its clients, our society and our planet. In the face of this climate emergency, Reclaim Finance calls on you to show leadership, by strengthening AXA’s response to oil and gas expansion.<\/p>\n<\/div>

2022 was once again marked by the consequences of climate disruption and an intensification of climate disasters. For the second year in a row, these catastrophes cost your industry more than $100 billion (1). Your company itself indicates that climate risk is now the number one concern of experts surveyed in its AXA Future Risks Report 2022<\/a><\/span>. In your words<\/a><\/span>, it is urgent to \u00ab\u00a0build consensus and act collectively\u00a0\u00bb.<\/p>\n<\/div>

However, we are particularly concerned to hear AXA defending positions that are no longer based on science: your oil and gas policy suggests that a company still developing new oil and gas projects could be in transition. You yourself have repeatedly defended your support for new gas fields by referring to the European taxonomy. Yet upstream projects are not included in the taxonomy, and the inclusion of certain gas power plant projects in this text has been widely criticized by the scientists and experts involved.<\/p>\n<\/div>

In its Net Zero by 2050 scenario, the International Energy Agency (IEA) has clearly projected a halt to the development of new oil and gas fields and new liquefied natural gas (LNG) terminals. It recently reminded us that even the war in Ukraine does not call this conclusion into question and would not, in any case, justify the development of a new wave of fossil fuel infrastructure.<\/p>\n<\/div>

On April 27, you will present AXA Group\u2019s exceptional economic results to your shareholders, despite the fact that the Group\u2019s climate ambitions have been at a standstill since October 2021. We call on you to lead your industry, as you have done in the past, including by introducing a robust policy to oppose oil and gas expansion:<\/p>\n