Axis Capital Holdings Limited, the global specialty re/insurer based in Bermuda, has announced its commitment to a 50 per cent absolute reduction of Scope 1 and 2 greenhouse gas emissions by 2030 across its global operations.

The action is the company’s latest step in its ambition to transition to a low-carbon economy.

Using a 2019 baseline, Axis said its science-based GHG reduction targets are in line with the goals of the Paris Agreement — to limit global warming well below 2C above pre-industrial levels.

“As a specialty insurer and reinsurer that operates in the property and casualty space, we see first-hand the importance of mitigating climate risk and supporting the transition to a low-carbon economy,” said Albert Benchimol, the president and chief executive of Axis Capital.

“I am proud of the actions Axis has taken to date, such as investing in our renewable energy business and significantly limiting new thermal coal and oil sands business from our insurance, facultative reinsurance and investment portfolios, with a goal to fully phase these out by 2040 globally.

“Our alignment to science-based GHG reduction targets in our global operations is the latest step in our journey.”

Scope 1 are direct GHG emissions from owned or controlled sources, while Scope 2 are indirect emissions from the generation of purchased electricity, steam, heating and cooling.

Example actions the company will take to achieve Scope 1 and 2 emissions reductions include optimisation of the Axis global real-estate portfolio and identification of efficiencies in facilities management.

The company said these commitments are one element of the broader Axis climate strategy driven by its corporate citizenship programme.

“A core value at Axis is delivering on our promises, and we proudly hold ourselves accountable to GHG reduction goals,” said Conrad Brooks, Axis general counsel and executive committee corporate citizenship sponsor.

“We as individuals, as an organisation and as a society all have a role to play in mitigating climate risks.”