French insurer AXA to sink in $10.60 billion in environmentally friendly projects by 2020

With the world threatened by global warming, France has taken the lead in making wealthy countries aware of this menace and is pushing for increased financing in projects that mitigate the effects of this risk.

On Tuesday, French insurer AXA disclosed, it would quadruple its investments in environmentally-friendly projects by 2020 to $10.60 billion (9 billion euros) and further disinvest from the coal industry.

“In 2015 AXA committed to reach 3 billion euros in green investments by 2020. Given that this target has already been reached, the Group has decided to quadruple its original target and reach 12 billion euros by 2020,” said AXA.

The development comes as French President Emmanuel Macron is hosting a climate summit this week where he will press wealthy countries to increase financing for deals with climate change as well as urge investors to turn their backs on polluters.

The French effort is aimed at accelerating efforts at fighting global warming.

As per as AXA’s dis-investing with the coal industry, from whom it derives 30% of its revenues, the insurer said it will no insure any new coal mines or oil sands projects, including associated pipeline businesses.

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