John,

No more insurance for the most destructive new oil and gas projects,
including fracking, Arctic drilling and tar sands production - this was
the welcome policy announced by AXA's CEO Thomas Buberl just a few days
ago.

This is undoubtedly a step in the right direction; however, the policy
still allows AXA to continue with 53% of all new oil and gas
projects... AXA's policy change is therefore not enough!

Our hope was that Buberl would take real leadership and ban coverage on
all new oil and gas projects, as it did a few years ago with coal. This
half measure announcement comes despite the fact the risks of new oil and
gas projects to our health and planet are too large to “insure”.

[1]This is our spread in the Financial Times targeting AXA's CEO Thomas
Buberl, in the hands of our partner Lucie Pinson, Director of the NGO
Reclaim FinanceThis is our spread in the Financial Times targeting AXA's
CEO Thomas Buberl,
in the hands of our partner Lucie Pinson, Director of the NGO Reclaim
Finance

Nonetheless, our partners unanimously agree that SumOfUs members'
mobilisation has played a key role in ratcheting up the pressure on AXA in
the last few weeks. AXA began with a very unambitious policy for oil and
gas and it eventually moved to these more severe and restrictive measures,
getting closer to where oil and gas deserves to be: in the past.

It is a small step in the right direction for the giant, we’re still a
long way from an outright ban on new oil and gas projects - a key step if
we are to limit global warming to 1.5°C.

That's why we can’t let up yet. We must show AXA that these new
restrictions need not only to be enforced, but developed and followed by
others. Only then can they bring about REAL change.

John, thank you again for helping us achieve these first steps,
but there is still a long road ahead. [ [link removed] ]We need your help
to keep on running impactful campaigns against insurers who support fossil
fuel projects: can you help us strengthen our actions by making a monthly
donation?



Thanks for all that you do,
Leyla and the team at SumOfUs


More information:

[ [link removed] ]AXA: Your Credibility is on the Line
SumOfUs. 18 October 2021. 

[ [link removed] ]Climate campaigner says AXA chief “has a clear choice to make” 
Insurance Business Mag. 21 October 2021.

[ [link removed] ]AXA goes less than half the distance on oil & gas
Reclaim Finance. 29 October 2021.

[ [link removed] ]Insurers must end support for new oil and gas projects to meet climate
targets
Insure Our Future. 17 June 2020.

[ [link removed] ]AXA exposed as an insurer of gas expansion
Reclaim Finance. 11 March 2021.

 

 

SumOfUs is a worldwide movement of people like you, working together to hold corporations accountable for their actions and forge a new, sustainable path for our global economy.

Please help keep SumOfUs strong by chipping in $3. [link removed]