- Allianz commits to gradually transition its insurance portfolio to net-zero greenhouse gas emissions by 2050
- Allianz is one of eight leading insurers and reinsurers to pool expertise under the guidance of the United Nations to contribute to Paris Climate Goals
- Allianz’s consistent net-zero approach in its insurance and investment business supports clients’ low carbon transition
Allianz Group has joined forces with seven other leading insurers to form the UN-convened Net-Zero Insurance Alliance (NZIA). The first of its kind net-zero network for the underwriting business was launched yesterday alongside the G20 summit, underlining the importance of cooperation between leading governments and companies to mitigate the risks of climate change. Cross-industry and international partnerships are seen as important levers for tackling global challenges.
Allianz builds on its long-standing climate expertise; it is also a signatory to the UN Principles for Sustainable Insurance (PSI) and has a chairing role on the Net-Zero Asset Owner Alliance, an initiative targeting investments, which was formed under the auspices of the United Nations in 2019.
“As a founding member of the Net-Zero Insurance Alliance, Allianz wants to accelerate the urgently-needed transformation to a 1.5° C economy. By integrating net-zero targets into both our insurance and investment business activities, we can comprehensively support our clients to adapt to low-carbon business models,” says Oliver Bäte, Chair of the Board of Management of Allianz SE. “We are pleased to bring in our climate expertise and join forces to extend the net-zero ambition to the entire insurance market.”
All eight members of the Alliance – AXA (Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group – believe that the global insurance and reinsurance industry can play a key role in the transition to a resilient, climate-friendly economy, in line with the 1.5° C target of the Paris Climate Agreement.
All members will set themselves measurable and science-based climate targets, which will be updated every five years. The first target should be reached by 2027, and all members will report annually on their progress. Over the next 18 months, the group will develop the respective methodologies and define the first intermediate target in the NZIA target-setting protocol.
Allianz supports the shift to a climate-friendly economy with an ambitious sustainability approach for its business segments as well as operations. Over the next five years, the company will also reduce climate gases from its operations by 30 percent (compared to 2019). Allianz already offers numerous customized products and solutions with environmental or social benefits, and is a leader in renewable energy financing.