No more insurance for the most destructive new oil and
gas projects, including fracking, Arctic drilling and tar sands
production - this was the welcome policy announced by AXA's
CEO Thomas Buberl just a few days ago.
This is undoubtedly a step in the right direction; however,
the policy still allows AXA to continue with 53% of all new
oil and gas projects... AXA's policy change is
therefore not enough!
Our hope was that Buberl would take real leadership and ban
coverage on all new oil and gas projects, as it did a few years ago
with coal. This half measure announcement comes despite the fact
the risks of new oil and gas projects to our health and
planet are too large to “insure”.
This
is our spread in the Financial Times targeting AXA's CEO Thomas
Buberl,
in the hands of our partner Lucie Pinson,
Director of the NGO Reclaim Finance
Nonetheless,
our partners unanimously agree that SumOfUs
members' mobilisation has played a key role in ratcheting up the
pressure on AXA in the last few weeks. AXA began with a
very unambitious policy for oil and gas and it eventually moved to
these more severe and restrictive measures, getting closer to where
oil and gas deserves to be: in the past.
It is a small step in the right direction for the
giant, we’re still a long way from an outright ban on
new oil and gas projects - a key step if we are to limit global
warming to 1.5°C.
That's why we can’t let up yet. We must show AXA
that these new restrictions need not only to be enforced, but
developed and followed by others. Only then can they bring about
REAL change.
Vladimir, thank you again for helping us achieve these
first steps, but there is still a long road
ahead. We
need your help to keep on running impactful campaigns against
insurers who support fossil fuel projects: can you help us
strengthen our actions by making a monthly
donation?