Axa XL outlines new sustainability strategy

Axa XL has today published its new three-year sustainability strategy.

Roots of Resilience sets out 23 ambitious targets to be met by 2026 or before, and is built on three main themes: valuing nature, addressing climate change and integrating ESG factors into its business operations.

Biodiversity goals include launching a collaborative partnership to take positive action for nature and increasing client awareness of underappreciated nature risks, and planting over 300,000 trees, prioritising degraded land or other critical reforestation areas by 2026.

The insurer also intends to develop processes to measure and reduce the carbon footprint associated with its supply chain and strengthen its human rights-related due diligence.

Underpinning the strategy is Axa XL’s focus on continuing to embed sustainability across its business and beyond.

As such, 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 US$5m through its Hearts in Action philanthropy programmes.

Commenting on the new strategy, Scott Gunter, CEO 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 ESG 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.”

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