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Climate Change

Global temperatures could rise dangerously, by over 1.5°C by 2050, if steps are not taken to reduce CO₂ emissions, according to the IPCC. We’re committed to creating a more resilient future. Companies and communities face climate-related risks. We’re reducing our carbon footprint, protecting ecosystems and exploring how our business can help build a better world.

Launching AXA XL’s first Carbon Reduction Strategy: 
In September 2020, we launched our five-year Carbon Reduction Strategy setting out targets to reduce our direct environmental impact over the next five years by 25%. The strategy outlines: our ambition to reduce overall carbon emissions, the targets set to drive progress towards that ambition, and the decarbonisation roadmap that we will follow. The infographic below summarises our ambitions.

Creating a blue carbon future:
Significant areas of the world’s coastlines are lined with mangroves, seagrasses and tidal marshes – all of which represent major carbon sinks, capturing and storing billions of tons of carbon from our atmosphere. These coastal wetland ecosystems do this at rates up to five times greater than terrestrial forests, highlighting their vital importance.

The stored carbon is referred to as “blue carbon” and it can remain in the soil for thousands of years, making it one of the longest-term natural solutions to climate change. Not only do these coastal wetlands help to mitigate against climate change, they also offer protection against storms by absorbing incoming wave energy, often at lower costs than built infrastructure like seawalls and levees.

In partnership with The Nature Conservancy we are assisting in the creation of a ground-breaking investment product: Blue Carbon Resilience Credits. These would, for the first time, value the combined carbon sequestration and resilience benefits provided by coastal wetland ecosystems. The development of blue carbon credits will tap into the carbon credit marketplace that has traditionally focused on terrestrial credits and enable carbon finance to support these critical habitats over the long term.

The resilience credit, purchased with the blue carbon credit or separately, will quantify and invest in the added risk reduction benefits of shielding coastal communities from more intense and frequent natural disasters in the future, conserving and restoring our natural ecosystems to their full potential.

Encouraging Green behaviours:
AXA XL manage a network of Green Committees across our offices to support and encourage colleagues' environmentally friendly behaviour, and awareness of environmental issues.

Championing our Ocean Risk Initiative and Ocean Education:
Our Ocean Risk Initiative was launched in 2017 to highlight the implications of ocean-derived risk and develop cross-sectoral solutions that help to build resilience at local, regional and global levels.

Continuing our work on climate research:
We continue our commitment to climate research, and the impact it has on insurance, through our science team supporting various projects with academia and our wider industry.

Supporting disaster management:
At AXA XL, we support disaster relief efforts by responding to appeals for international aid through our disaster relief charity partners, Save the Children UK and the American Red Cross.

In addition to our relief efforts, we’ve partnered with RedR UK, an international capacity-building nonprofit to better prepare vulnerable communities for when disasters hit. RedR has created a climate change adaptation and disaster risk reduction (CCADRR) course for humanitarian organizations working in vulnerable communities. This course is regularly over-subscribed and creates a multiplier effect, as course participants disseminate their knowledge and awareness to hundreds of members of their community. Please watch this five-minute video to learn more.
Climate Change

More recently in the UK, we’ve begun supporting a refugee support centre run by the British Red Cross (BRC). Through this partnership, AXA XL is taking disaster management support one step further by considering communities displaced as a result of disasters. The BRC Centre is providing services three days a week but is heavily oversubscribed. Our funding enables the Centre to expand its operations to five days a week, helping clients with emergency accommodation, access to local support services and education programs, and mental health support.

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