Elise Lucet questions Axa’s oil investments in AG

During a question and answer meeting with shareholders, Elise Lucet asked leaders why the group continues to invest in oil groups despite its commitment to environmental transformation and the fight against global warming.

“We need to have an overview of our investments and an overview of the problem of climate change,” replied Denis Duverne, Chairman of the Board of Axa.

“We have an investment portfolio of 600 billion euros and investments related to fossil fuels are only a small fraction of the total.” (…) Energy transformation is not possible today, we cannot lose fossil fuels, especially oil and gas. , “he added.

“The energy transition requires that we continue to use fossil fuels. If we no longer had any fossil fuels, the economy would stop.”

Ax CEO Thomas Buberl added that the insurance group’s investments in the coal-related sector had decreased by 90% since 2015.

In July 2021, the world’s eight largest insurance and reinsurance companies, including Allianz, Axa and Generali, announced the creation of an alliance to accelerate the transition of the global economy to carbon neutrality.

(Report by Matthieu Protard, edited by Jean-Michel Bélot)

Elliot Frost

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