At the general meeting of shareholders held on Thursday, the insurer was criticized for continuing its investments in the world of fossil fuels. The company wants to be in line with the 2050 zero carbon strategy.
Axa 2022 General Meeting | Photo credits: DR
The general assembly of Axa was somewhat heckled this Thursday by the intervention of the journalist and presenter of the program Cash Investigation Elise Lucet. This one challenged the direction on the requests for interview, remained without return. She therefore questioned the insurer and its managers verbally about the continuation of investments in the world of oil, even though other players in the sector, such as CNP assurances, have stopped them.
Thomas Buberl, CEO of Axa, responded by focusing his remarks on the notion of transition. He thinks that it is absolutely necessary to continue to get out of fossil fuels, while taking into account the constraints of companies in the context of this energy transition. This is why Axa continues to invest in companies linked to fossil fuels, but compatible with the 2050 zero carbon strategy.
The position was supported by Board Chairman Denis Duverne, who explained that the ” we must continue to use fossil fuels because otherwise the economy would stop and it would not be a transition “. Thomas Buberl also recalled that investment in fossil fuels represented a tiny fraction of the total at Axa. Furthermore, he reaffirmed that the company had been pioneer by withdrawing from coal in 2015 and reducing its investments in oil and shale by more than 70%.
Rodrigue Girard, live from the general meeting