AXA XL partners with Oxford Net Zero for research on private sector approaches to a fair and just transition to net zero

London - January 07, 2025

AXA XL has provided research funding to the Institute for Science, Innovation and Society (InSIS) in partnership with the Smith School of Enterprise and Environment at the University of Oxford for an 18-month project aimed at understanding the private sector's approach to achieving net zero emissions in developing countries. The University of Oxford, through its Oxford Net Zero program, is at the forefront of net zero research and policy advice, with a focus on equity in climate action.

The project examines how private sector entities, including small and medium sized enterprises (SMEs), can contribute to net zero transitions in three key emerging economies - India, Kenya and Mexico. The research focuses on two sectors - food & beverage, and construction & buildings. The project will also explore criteria for responsible carbon offsetting in the three countries, aiming to extract insights with broad applicability across developing countries and emerging economies. The research supports AXA XL's goal to examine the social implications of transitioning to a low carbon economy, as part of its "Roots of Resilience" sustainability strategy.

Jessica Omukuti, Research Lead from Oxford Net Zero and InSIS, said: "Through Oxford Net Zero, our previous work has highlighted the need for a deeper understanding of how the concept of net zero can be effectively implemented in developing countries. This funding partnership with AXA XL will enable us to gain greater insights on how the private sector is approaching the transition and in particulars focus on equity and justice for communities in these regions."

Radhika Khosla, Associate Professor at the Smith School of Enterprise and Environment said: "Our aim for the research is to identify ways in which the private sector can be supported to maximise the opportunities the net zero transition will create. The findings from the research will be shared with public and private sector representatives in the case study countries and their respective regions. It is expected that these findings will shed some light on the opportunities and challenges that the private sector is experiencing on its paths to net zero."

Suzanne Scatliffe, Global Head of Sustainability, AXA XL, said: "The transition to a net zero world needs to be equitable. By considering both the social and technical impacts of the transition, AXA XL aims to not only manage risk but also seize opportunities to better serve our clients and communities, aligning with their future needs.

"Recognising that no single organisation can do this alone, our partnership with the University of Oxford will help us to gain a deeper understanding of the opportunities the private sector has to ensure a transition that leaves no one behind."

The research runs from September 2024 to March 2026.

To find out more about the Oxford Net Zero programme, click here.

ABOUT OXFORD NET ZERO
Oxford Net Zero is an interdisciplinary research initiative based at the University of Oxford. As an academic research programme, we produce high-quality, peer-reviewed research, and leverage that work to provide advice and expertise to policymakers, global industry leaders and international organisations in the global race to net zero.

ABOUT INSIS
The Institute for Science, Innovation and Society (InSIS) researches the societal impact of scientific and technological change, with a particular focus on innovations addressing climate change and global health challenges. We collaborate with researchers and policy-makers around the world to develop responsible governance mechanisms for new technological capabilities. To learn more, visit https://www.insis.ox.ac.uk/

ABOUT SMITH SCHOOL OF ENTERPRISE AND ENVIRONMENT
The Smith School of Enterprise and the Environment at the University of Oxford equips enterprise to achieve net zero emissions and the sustainable development goals, through world-leading research, teaching and partnerships. To learn more, visit: https://www.smithschool.ox.ac.uk/

ABOUT AXA XL
AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com

ABOUT AXA XL INSURANCE
AXA XL Insurance offers property, casualty, professional, financial lines, and specialty insurance solutions to mid-sized companies through to large multinationals globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com