Rainforest Action Network: Axis Capital Becomes First North American Insurer to Commit to Phase Out Coal Business
Insurer
According to the updated policy, AXIS will not provide insurance for or make new investments in companies that are developing new thermal coal plants or mines or their dedicated infrastructure. Additionally, AXIS commits to lowering its thresholds defining coal companies to fully phase out thermal coal business from insurance, facultative reinsurance, and investment portfolios by 2030 in
"We welcome
More than 30 insurance companies have announced restrictions on coal insurance, which has made securing insurance coverage more difficult and expensive for coal projects and companies. However, only seven of these companies have committed to fully phase out coal, while just two have addressed their treaty reinsurance business, an area that
There are far fewer policies limiting support for oil and gas, despite a growing scientific consensus that we must halt all fossil fuel expansion. Just this week, the
"Today's announcement is an important step towards a safe climate future, but
In addition to the new measures on coal,
AXIS also codified its
"It's unfortunate that
At
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