AXA to stop insuring new gas greenfield projects

French insurer AXA has announced that it will discontinue insurance for upstream gas greenfield projects.

The latest revision to its energy policy will take effect from 1 September 2025 and will refer specifically to standalone, site-specific insurance policies.

“AXA’s revised energy policy includes strengthened criteria on coal as well as unconventional fossil fuel extraction,” said the insurer in a statement. “It also expands existing restrictions to include new gas exploration and development projects.”

AXA is one of a number of insurers that have announced changes to their energy policies in order to reach their emission targets by 2050.

Its latest changes, first reported by environmental campaign group Reclaim Finance, come after it announced similar exclusions for new oil projects in June.

They also come after AXA withdrew from the UN-backed industry group Net Zero Insurance Alliance.

While AXA’s move was welcomed by various campaigners, there was also disappointment that the insurer had not gone further. According to Reclaim Finance, AXA’s policy reserves the right to insure new gas and oil projects if the companies involved have a “transition plan”.

“After repeatedly defending gas as an energy that should be supported without moderation, AXA is finally beginning to shift its position to align with the scientific facts,” said Reclaim Finance founder and director Lucie Pinson.

“While it is better late than never, it is regrettable that we have to make do with a measure that is still a long way off the International Energy Agency’s projections and that will only take effect in two years’ time when people are already suffering from the amplification of effects of climate change.”