Axa XL has released an ambitious ‘Carbon Management Strategy ‘which aims to accelerate its contribution to the transition towards a more sustainable and less carbon-intensive economy by 2050.
The strategy aligns with the objectives of the Paris Agreement, signed in 2016 and whose long-term goal is to keep the increase in global average temperature to well below 2 °C and to pursue efforts to limit the increase to 1.5 °C, recognising that this would substantially reduce the risks and impacts of climate change.
According to the Paris Agreement, this should be done by reducing emissions as soon as possible, in order to “achieve a balance between anthropogenic emissions by sources and removals by sinks of greenhouse gases” in the second half of the 21st century.
Similarly, in its latest CMS, Axa XL aims to decarbonise its operations in order to reach the goal of limiting global warming to below 1.5 °C.
“We’re in the business of building a more resilient planet and it’s no secret that a changing climate and its impacts on the environment presents our industry with a range of challenges and potential opportunities,” said Scott Gunter, CEO at Axa XL.
“But effective Corporate Responsibility actions must start with getting our own house in order, doing everything we can to save energy, reduce waste and enable all of our colleagues to adopt greener working behaviours.”
Axa XL said the Carbon Management plan is a central focus of a wider strategy which focuses on climate change, access to water and financial resilience.
Following several years of detailed monitoring of its consumption and using 2019 as a baseline, Axa XL has identified the key levers that will help decarbonize its operational impact: energy consumption, people movement (travel and vehicle fleet), and resources consumed.
Within each area, the strategy establishes sub-targets for the main impact areas including absolute greenhouse gas emission reduction targets (25% reduction) and intensity of resource consumption.