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Insurance giant Axa dumps investments in tar sands pipelines

Axa will also stop insuring US oil pipelines for business and ethical reasons, taking fossil fuel divestment to new level

One of the world’s biggest financial services companies is both dumping investments and ending insurance for controversial US oil pipelines, taking fossil fuel divestment to a new level.

Axa is also quadrupling its divestment from coal businesses and increasing its green investments fivefold by 2020. The moves were announced at the One Planet Summit in Paris, called by the French president, Emmanuel Macron, to accelerate the use of global finance in fighting climate change.

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