NEWS

French Company Acts On Climate Change

The first counsellor and deputy Head of Mission in the French Embassy, Julies Irrmann, told the Fiji Sun after attending the private sector session of the PIDF meeting that an
04 Sep 2015 11:22
French Company Acts On Climate Change
Attorney-General Aiyaz Sayed-Khaiyum meets High Commissioner for Pakistan Naela Chohan at the Pacific Islands Development Forum Summit at the Grand Pacific Hotel. Mr Sayed-Khaiyum led a private sector.

The first counsellor and deputy Head of Mission in the French Embassy, Julies Irrmann, told the Fiji Sun after attending the private sector session of the PIDF meeting that an insurance company in France was ready to contribute to the fight against climate change.

The insurance company Axa, he said, would remove around €500m (F$1.22billion) of coal investments from its portfolio, in a move that reflects long-term concerns in the insurance industry over climate change.

He said the company had also pledged to triple its investments in green technologies and services to more than €3bn (F$7.33bn) by 2020 and provide investors with more information on the risk to its investments from climate change.

A company release said Henri de Castries, chairman and chief executive of the French insurer, said the company’s duty to its shareholders and policyholders dictated the decision, citing current scientific advice that the world must avoid warming of greater than 2C above pre-industrial levels to avoid the worst consequences of climate change.

“It is our responsibility, as a long-term institutional investor, to consider carbon emmission as a risk and to accompany the global energy transition. The burning of coal to produce energy is today, clearly, one of the biggest obstacles from reaching the 2C target,” he said.

The company, he said, would remove this from its portfolio and refrain from future investment in mining companies that derived more than half of their turnover from coal mining, and in electrical utilities that took more than half of their energy from thermal coal power plants.

The Attorney-General, Aiyaz Sayed-Khaiyum, led the discussion.

Feedback:  maikab@fijisun.com.fj

 



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