Global Reinsurance/Investment Firm AXA CEO: "A +4C World Is Not Insurable"
Investors managing more than US $26.3 trillion announced this week they are going to insist the world’s 100 largest corporate greenhouse gas emitters do their part in the transition to a low-carbon economy to meet climate change targets set by the Paris Agreement. These investors manage more than small countries: The US economy, by comparison, is $19 trillion.
This initiative, known as Climate Action 100+, involves 225 pension funds and other institutional investors from around the world, and was launched this week at the One Planet Summit in Paris. It’s a five-year effort to get the 100 largest carbon polluting companies, including those in the coal, oil and gas, cement, mining, and transportation industries, to curb their emissions and disclose their climate risks.
EDIT
The 23 largest national and regional development banks that are part of the International Development Finance Club (IDFC) also agreed to align their finance with the Paris Agreement. The IDFC represents over 69 countries and holds assets of more than US $4 trillion.
At the Summit last Tuesday, Dutch bank ING said it will stop funding any utility company that relies on coal for more than 5 percent of its energy. National Australia Bank announced it will stop all lending for new thermal coal projects. AXA, one of the world’s biggest financial and insurance companies, said it would quadruple its investment in environmentally friendly projects by 2020 to $10.6 billion and move a further $4 billion of investments out of coal, oil sands and pipelines. AXA CEO Thomas Buberl said a "+4℃ world is not insurable."
EDIT/END
https://motherboard.vice.com/en_us/article/zmyzwe/investors-are-pushing-big-business-to-get-in-line-with-the-paris-agreement-one-planet-summit
= new reply since forum marked as read
