AXA is to ditch RWE as a client over the latter’s use of coal.

Bloomberg is reporting that the French insurer is committed to removing businesses from its roster that are not moving faster enough to decarbonise. RWE remains one of the biggest coal mine operators and emitters of greenhouse gases and AXA is reported to have decided to quit despite last minute appeals from the German energy company.

AXA was amongst the first insurers to impose underwriting restrictions on coal using companies in 2017 and the company stopped providing insurance for coal mines and plants at the end of 2020. AXA will cut all its ties to RWE, even refusing to insure renewable projects within the company.

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