Axa Will Stop Investing in Firms Linked to Deforestation, Biodiversity Loss
(Bloomberg) -- AXA SA’s investment management arm will stop investing in companies that contribute to deforestation or the loss of biodiversity.
The new policy, which comes into effect on Wednesday, targets firms involved in cattle, soy, and timber extraction industries, AXA Investment Management said in the statement. It’s an extension of an existing ban on investing in palm oil producers that haven’t been certified sustainable.
“Through our investment practices, we have a role to play and are committed to fighting deforestation and natural ecosystem conversion, as well as supporting forest restoration to ensure habitat conservation and to limit global warming,” Executive Chairman Marco Morelli said in the press release.
The company is the latest institution to try and pressure companies into doing more to combat climate change by withdrawing financial support. The Paris-based firm said it would boost engagement with companies to encourage more sustainable practices.
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