Axa steps up policies to help climate ahead of COP26

(Reuters) – Axa SA, France's biggest insurer, Friday announced measures to protect the climate, as companies look to burnish their environmentally-friendly credentials ahead of the COP26 world leaders' summit on climate change.

Axa said it would stop investing in and underwriting new upstream oil greenfield exploration projects unless they are carried out by companies with the most far-reaching and credible energy transition plans.

It also increased its target for ‘green’ investment to €26 billion ($30.3 billion) by 2023 from €24 billion announced at the end of 2020.