AXA

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

No narrative on renewables strategy in the firm's most recent reports.

AXA plans to offset residual emissions via carbon credits from projects that focus on capturing and storing carbon emissions using nature-based or technical solutions, including restorative agriculture, forest restoration, and carbon capture and storage (CCS).

• Operational emissions reduction (energy, car fleet, business travel)

  AXA targets -50% absolute carbon emissions by 2030 vs. FY2019 baseline, covering energy, car fleet and business travel. Residual emissions to be offset via carbon credits from nature-based or technical solutions (e.g. restorative agriculture, forest restoration, carbon capture and storage).

• Transition financing as Global Investor

  As a Global Investor, AXA commits €5bn per year in investments to support transition financing across corporate and sovereign bonds, real estate and private assets. Focus on improving the resilience of communities.

• Transition underwriting as Global Insurer

  As a Global Insurer, AXA targets €6bn in P&C GWP cumulative 2024-2026 to support transition underwriting, plus delivering +9,000 climate adaptation solutions & services to companies by 2026 (training, risk assessment, gap analysis, prevention/adaptation, crisis management).

• Decarbonization of P&C insurance portfolios

  For the first time in 2023, AXA published targets to drive the decarbonization of some of its P&C insurance portfolios. AXA is leveraging its position as #1 global P&C commercial lines insurer to influence underwriting decisions in energy, transportation and construction sectors via transition underwriting.

• Green investments portfolio

  AXA exceeded its €26bn green investments target by end of 2023, channelling investment capital toward climate solutions as a major institutional investor.

• Climate adaptation solutions & services via AXA Climate

  AXA targets delivering 9,000+ climate adaptation solutions & services cumulatively over 2024-2026, ranging from training/education, risk assessment, gap analysis, prevention/adaptation solutions, and crisis management/remediation — notably through AXA Climate. Consistent with AXA's Payer-to-Partner strategy to help customers mitigate the effects of climate change.

• Transition underwriting in P&C activities

  AXA is developing transition underwriting in P&C activities including energy, transportation and construction — using its commercial lines leadership to support customers' decarbonization pathways and new corporate risks like the energy transition.