Axa XL advances sustainability goals
Axa XL, the Bermudian-domiciled global commercial re/insurer, has put nature at the heart of its new, three-year sustainability strategy.
The company has published Roots of Resilience, setting 23 ambitious targets to be met by 2026 or before.
Axa XL said it is leveraging its global position and reach to advance sustainability across the dozens of industries and countries it impacts daily.
It said putting nature at the heart of its strategy demonstrates Axa XL’s ambition to be an industry leader in protecting biodiversity to promote resilient ecosystems as well as supporting community livelihoods.
Scott Gunter, the chief executive of Axa XL, said: “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 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.”
The company said the strategy is built on three main themes: valuing nature, addressing climate change and integrating ESG factors into its business operations.
From mangrove forests to the bees in backyards, Axa XL said it seeks to protect nature by raising awareness of biodiversity and nature-based solutions.
Key biodiversity goals include launching a collaborative partnership to take positive action for nature and increasing client awareness of underappreciated nature risks by 2025 and planting more than 300,000 trees, prioritising degraded land or other critical reforestation areas by 2026.
To play its part in addressing climate change, Axa XL said, it is committing to publishing a net zero road map, promoting an equitable transition to a low-carbon economy and to leading a series of initiatives demonstrating the necessity of societal-led climate solutions.
Underpinning the strategy is Axa XL’s focus on continuing to embed sustainability across its business and beyond.
The company 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 programmes around the world.
By 2026, the company said, 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.
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