50 Shades of Green: The €850+ Billion Logic Behind AXA’s Investment Approach

Episode notes

My guest today is Jamie Friedland, a former U.S. Treasury trader turned sustainability analyst at AXA Investment Managers - one of the world’s largest and most active players in sustainable investing. He joined AXA Investment Managers - now part of BNP Paribas Group - in March 2022. Within the group, BNP Paribas Asset Management oversees over €716 billion in assets, while the broader platform manages around €1.5 trillion globally. Approximately 90% of listed assets are classified under Article 8 or 9 of the EU’s Sustainable Finance Disclosure Regulation, meaning they integrate sustainability or have a dedicated sustainable objective (Source: BNP Paribas/ AXA Investment Managers (Core) as of end of 2024) . At AXA, Jamie works in a central ESG role, focused on public investments and helping integrate sustainability across equities, fixed income, infrastructure, and alternatives. The results are detailed - and sometimes strict. AXA applies hard exclusions in its green bond strategies. Nuclear energy, for example, is allowed in conventional mandates and in unlabeled strategies that hold green bonds.

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