The report is also used to measure the insurance group’s progress in implementing the objectives of the Paris Agreement by 2050.
According to AXA, the report meets both a legal obligation established by the French law on energy transition for green and ecological growth, as well as the approach of the taskforce on Climate-related Financial Disclosures (TCFD) that AXA has supported since its creation.
The report’s main indicator, the ‘warming potential’, measures the impact of the group’s investments on global warming and its contribution to the fight against climate change.
At the end of 2019, AXA’s ‘warming potential’ was 2.8°C, down from the 3°C reported the year prior. This figure was also well below the market average of 3.6°C.
“Our Climate Report is an essential tool for measuring the effectiveness of the strategy we have implemented.”
He added: “It also shows that we must collectively pursue our efforts to achieve the objectives of the Paris Agreement, notably in the context of the post-Covid 19 economic recovery.”
Christiana Figueres, founding partner, global optimism and former executive secretary, UN Climate Change Convention, said: “We witness the ground-breaking engagement of AXA in addressing the risks of unabated global climate change. AXA has been in the front of global efforts for years, going beyond thought leadership into corporate action leadership.”