There will be no transition with new gas fields and new LNG terminals

Reclaim Finance calls on AXA to align with industry peers by ending support for oil and gas expansion. The organization argues that AXA's current policy, which allows for companies 'in transition' to develop new projects, contradicts IEA science. Specifically, Reclaim Finance demands that AXA exclude new oil and gas fields, new midstream infrastructure including LNG terminals, and coal projects within reinsurance treaties, noting that peers like Allianz and Munich Re have already committed to excluding new oil and gas fields.

• Reclaim Finance argues that AXA's current oil and gas policy is not based on science because it suggests that companies developing new oil and gas projects can still be considered 'in transition'.
• The International Energy Agency (IEA) Net Zero by 2050 scenario projects a stop to the development of new liquefied natural gas (LNG) terminals and new oil and gas fields, a conclusion that Reclaim Finance asserts remains valid despite the war in Ukraine.
• Reclaim Finance requests that AXA implement three specific policy changes: excluding new oil and gas fields (including removing the 'in transition' exception), stopping coverage for new midstream infrastructure such as LNG terminals, and extending coal exclusions to reinsurance treaties.
• Several major insurance industry peers, including Allianz, Swiss Re, Munich Re, and Hannover Re, have already committed to no longer covering new oil and gas fields as part of their net zero commitments.

APA

Pinson, L. (2023). There will be no transition with new gas fields and new LNG terminals. Reclaim Finance. https://reclaimfinance.org/site/en/2023/04/26/there-will-be-no-transition-with-new-gas-fields-and-new-lng-terminals/

Chicago

Pinson, Lucie. There will be no transition with new gas fields and new LNG terminals. Reclaim Finance, 2023. https://reclaimfinance.org/site/en/2023/04/26/there-will-be-no-transition-with-new-gas-fields-and-new-lng-terminals/.

Wikipedia

{{cite press release |last1=Pinson |first1=Lucie |title=There will be no transition with new gas fields and new LNG terminals |publisher=Reclaim Finance |date=26 April 2023 |url=https://reclaimfinance.org/site/en/2023/04/26/there-will-be-no-transition-with-new-gas-fields-and-new-lng-terminals/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{pinson2023there, author = {Pinson, Lucie}, title = {{There will be no transition with new gas fields and new LNG terminals}}, publisher = {Reclaim Finance}, year = {2023}, month = apr, url = {https://reclaimfinance.org/site/en/2023/04/26/there-will-be-no-transition-with-new-gas-fields-and-new-lng-terminals/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }