The international fossil fuel divestment movement has been growing steadily, ahead of the U.N. Climate Summit in Paris later this year. The most recent announcement comes from French insurance giant Axa, who is slated to sell $559 million of its coal investments, while having committed over $3 billion to triple its “green investment footprint” by 2020. The reason? Climate change. Axa paid out over $1 billion in weather-related insurance claims last year, making climate risk a “core business issue” for the insurance company. Meanwhile, coal has the highest carbon content among fossil fuels. Could the finance industry be in the process of shifting before our eyes?
Divestment from coal is good business for French insurance giant Axa
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