Allianz unveils 2030 net-zero transition plan for core business
Global insurer Allianz has unveiled its first comprehensive net-zero transition plan to reduce GHG emissions in its business operations, proprietary investment portfolio and P&C insurance business, as part of its climate strategy.
The company aims to achieve net-zero emissions by 2050 in its proprietary investment and P&C underwriting portfolios and already by 2030 within its own operations.
It aims to strengthen its existing engagement activities with customers and investee companies on a joint net-zero transition journey and expand its targeted growth of renewable energy, low-carbon and further transition technology, and sustainable mobility in both the investment and insurance business.
Allianz said through delivering a transparent and tangible net-zero transition plan, it aims to advocate climate action joining forces with customers and business partners, the financial services sector, and other industries, as well as policymakers and governments.
The Allianz transition plan includes a commitment to achieve 150% profitable growth in revenues from renewable energy and low-carbon technology solutions in the commercial insurance segment by 2030 versus 2022. Allianz is already an insurer of solar photovoltaic and wind farms, both onshore and offshore. Furthermore, it aims to provide coverage to the emerging hydrogen technologies. As an investor, Allianz plans to support the ramping up of renewable energy by investing an additional 20 billion euros in climate and cleantech solutions in line with the EU sustainability regulation. This builds upon Allianz’s previous major investments in green energy infrastructure, including wind and solar farms, green hydrogen or green ammonia.
Oliver Bäte, chief executive officer of Allianz, said: “With extreme weather events, this summer has reinforced the urgency to act on climate change. Governments, businesses and individuals must work together to build resilience and limit global warming to 1.5°C. Therefore, at Allianz, we are committed to delivering on our own net-zero targets, as well as partnering with our clients and investee companies in their transition. We believe our intermediate targets will help us realize our growth potential and contribute to a healthier, more secure future for everyone.”
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