Axa looking to sell $559M in coal company holdings due to climate change concerns

Axa will scrap holdings in coal companies because of concerns about climate change, broadening support for the fossil-fuel divestment movement to a major mainstream investor.

By Tara Patel, Bloomberg, Fabio Benedetti-Valentini | Updated on May 22, 2015

(Bloomberg) — France’s largest insurer will scrap holdings in coal companies because of concerns about climate change, broadening support for the fossil-fuel divestment movement to a major mainstream investor.

Axa SA Chief Executive Officer Henri de Castries said he’s working to sell 500 million euros ($559 million) of coal assets and triple “green investments” to 3 billion euros by 2020. He joined investors in Paris saying companies must act to contain global warming.

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