How students can make AXA stop fuelling the climate crisis

AXA falls behind in climate action: despite their communications, they keep supporting fossil fuel expansion. Explore how, as a student, you can make them change and become part of the solution to the environmental crisis, rather than part of the problem.
French

AXA: France’s leading insurance company

AXA is one of the world’s top insurance leaders and is based in France. Although the company was the first major insurer to divest from coal energy in 2015, its policy on insuring oil and gas isn’t in line with the scientific recommendations, and the French company is now falling behind its peers. AXA keeps insuring major fossil fuels projects, including giant liquefied methane gas terminals in the United States. 

Read more about AXA’s climate policy.

Insurers are acting like pyromaniac firefighters

AXA is more aware than ever of the climate crisis and its consequences. In October 2023 and for the second year running, the company ranked climate risk as the greatest threat to the insurance industry and to society, across all continents.

This greenwashing just reveals their hypocrisy, while the students and recent graduates they seek to recruit have never been as sensitive as they are today to environmental issues. In France, a study found that 70% of 18-30 year olds say they would refuse to apply to a job if the company doesn’t take the environment into account in its business practices. AXA’s lack of action on climate change will cost the company talented workers. Read the latest news on AXA.

Demands to AXA

Stop insuring all new fossil fuel projects

Including the ones developed by fossil companies that AXA considers to be “in transition”.

Stop insuring liquefied natural gas infrastructure

From upstream to downstream.

Increase insurance and investment in clean energy projects

Respect human rights and support a just transition.

AXA keeps insuring destructive fossil fuels

Despite its greenwashing, investigations reveal that AXA insures fossil fuel infrastructure, including liquefied natural gas terminals, that fuel the climate crisis and violate human rights.

Freeport LNG terminal

AXA insures the second largest LNG terminal in the U.S., located in Freeport, Texas. This terminal is known for its long history of mismanagement, which led to a terrible explosion and fireball in June 2022. This explosion was no less than the fourth incident at the facility in the last three years. 

Since reopening in March 2023, it continues to pose a risk and has had numerous, ongoing shut-downs due to problems with its pipes, LNG storage tanks and electric motors and other undisclosed safety issues. Recent optical gas imaging camera readings showed that massive amounts of methane are constantly emitted from Freeport LNG into communities, and the terminal has been fined in April 2024 for violating Texas air pollution emissions rules. 

On top of that, this LNG terminal has a disastrous impact on climate: it emits around 75 MtCO2/year,, which is the equivalent of 25% of France’s domestic CO2 emissions. Read this article for more details.

Freeport LNG terminal

This LNG export terminal, located in Texas, is the second largest in the USA.

Cameron LNG terminal

AXA insures Cameron LNG (in Louisiana, USA), partly operated by TotalEnergies, which boasts of being the second largest producer of LNG in the world. 

Cameron LNG is a key export terminal for U.S. shale gas, exploited through fracking, as almost 80% of the gas produced in the United States is derived from shale. Shale gas extraction has been banned in France and other European countries, due to its damaging environmental impacts.

Under this contract, AXA covers damage for over $5m, of the $100m required. 

Read this investigation for more details.

Cameron LNG terminal

This LNG terminal insured by AXA mostly exports gas extracted by fracking.

Tacoma LNG terminal

AXA, via its subsidiary AXA XL Insurance Company UK Ltd, is providing $36m in coverage for this Tacoma LNG terminal. 

This terminal, which has operated since January 2022 is not only boosting shale gas exports, but also putting Puyallup Native Americans’ fishing resources and health at risk. 

Since 2022, the Puget Sound Clean Air Agency has issued more than a dozen violations of the facility’s air permit.

Read this investigation for more details.

Tacoma LNG terminal

On top of fuelling the climate crisis, this LNG terminal insured by AXA is opposed by and endangers local Native communities.

Russian gas

AXA is insuring the Belgium company Fluxys, which imports gas into France and Belgium that is held by oligarchs accused of funding Russia’s war effort. For more than seven years, the French company has been one of the Fluxys Group’s main insurers.

Part of the gas imported by Fluxys comes from Yamal LNG, in the Arctic region. In 2023, 38% of the gas exported to Europe from Yamal was delivered to Fluxys storage facilities in France and Belgium. 

The gas extracted in Yamal is produced and sold by Novatek, owned by oligarch Gennady Timchenko. Since 2022, he has been under EU sanctions for supporting actions undermining Ukraine’s territorial integrity, sovereignty, and independence. Russian gas exports directly finance Russia’s war effort. 

Read this investigation for more details.

Russian gas

Despite the war in Ukraine, AXA is still providing insurance for Russian gas imports in Europe.

Dunkirk LNG terminal

The Dunkirk LNG terminal, partly operated by the Belgian company Fluxys, is insured by AXA. With its three huge tanks for storing LNG, this terminal operating since 2017 is the second largest in Europe. 

Through its subsidiary AXA Investment Managers, AXA is also one of the main shareholders of Dunkirk LNG. 

Read this investigation for more details.

Dunkirk LNG terminal

Europe’s second largest regassification methane terminal, located in France, is insured by AXA.

Freeport LNG terminal

AXA insures the second largest LNG terminal in the U.S., located in Freeport, Texas. This terminal is known for its long history of mismanagement, which led to a terrible explosion and fireball in June 2022. This explosion was no less than the fourth incident at the facility in the last three years. 

Since reopening in March 2023, it continues to pose a risk and has had numerous, ongoing shut-downs due to problems with its pipes, LNG storage tanks and electric motors and other undisclosed safety issues. Recent optical gas imaging camera readings showed that massive amounts of methane are constantly emitted from Freeport LNG into communities, and the terminal has been fined in April 2024 for violating Texas air pollution emissions rules. 

On top of that, this LNG terminal has a disastrous impact on climate: it emits around 75 MtCO2/year,, which is the equivalent of 25% of France’s domestic CO2 emissions. Read this article for more details.

Freeport LNG terminal

This LNG export terminal, located in Texas, is the second largest in the USA.

Cameron LNG terminal

AXA insures Cameron LNG (in Louisiana, USA), partly operated by TotalEnergies, which boasts of being the second largest producer of LNG in the world. 

Cameron LNG is a key export terminal for U.S. shale gas, exploited through fracking, as almost 80% of the gas produced in the United States is derived from shale. Shale gas extraction has been banned in France and other European countries, due to its damaging environmental impacts.

Under this contract, AXA covers damage for over $5m, of the $100m required. 

Read this investigation for more details.

Cameron LNG terminal

This LNG terminal insured by AXA mostly exports gas extracted by fracking.

Tacoma LNG terminal

AXA, via its subsidiary AXA XL Insurance Company UK Ltd, is providing $36m in coverage for this Tacoma LNG terminal. 

This terminal, which has operated since January 2022 is not only boosting shale gas exports, but also putting Puyallup Native Americans’ fishing resources and health at risk. 

Since 2022, the Puget Sound Clean Air Agency has issued more than a dozen violations of the facility’s air permit.

Read this investigation for more details.

Tacoma LNG terminal

On top of fuelling the climate crisis, this LNG terminal insured by AXA is opposed by and endangers local Native communities.

Russian gas

AXA is insuring the Belgium company Fluxys, which imports gas into France and Belgium that is held by oligarchs accused of funding Russia’s war effort. For more than seven years, the French company has been one of the Fluxys Group’s main insurers.

Part of the gas imported by Fluxys comes from Yamal LNG, in the Arctic region. In 2023, 38% of the gas exported to Europe from Yamal was delivered to Fluxys storage facilities in France and Belgium. 

The gas extracted in Yamal is produced and sold by Novatek, owned by oligarch Gennady Timchenko. Since 2022, he has been under EU sanctions for supporting actions undermining Ukraine’s territorial integrity, sovereignty, and independence. Russian gas exports directly finance Russia’s war effort. 

Read this investigation for more details.

Russian gas

Despite the war in Ukraine, AXA is still providing insurance for Russian gas imports in Europe.

Dunkirk LNG terminal

The Dunkirk LNG terminal, partly operated by the Belgian company Fluxys, is insured by AXA. With its three huge tanks for storing LNG, this terminal operating since 2017 is the second largest in Europe. 

Through its subsidiary AXA Investment Managers, AXA is also one of the main shareholders of Dunkirk LNG. 

Read this investigation for more details.

Dunkirk LNG terminal

Europe’s second largest regassification methane terminal, located in France, is insured by AXA.