Global insurer and asset manager Allianz (ETR:ALVG) has released its inaugural Net-Zero Transition Plan, setting out its ambition to decarbonize its insurance and investment portfolios by 2050. The plan, announced on Thursday, also includes intermediate targets for 2030.
By 2030, Allianz aims to reduce greenhouse gas emission intensity by 45% across a significant segment of its corporate insurance portfolio. For its retail motor insurance portfolio, the company targets a reduction of carbon emissions by 30% in nine key European markets (Austria, Belgium, France, Germany, Italy, Netherlands, Spain, Switzerland, UK).
In the energy sector, Allianz plans to engage with 20 million retail customers to support their transition to electric mobility and aims for a 150% growth in revenues from renewable energy and low-carbon technology solutions in the commercial insurance segment by 2030. The company also plans to invest an additional €20 billion in climate and cleantech solutions.
The insurer is on track to achieve net-zero emissions across its operations in 70 countries by December 31, 2029. This will be facilitated by purchasing 100% green electricity from 2023 onwards and switching to green fleets by 2030. By 2025, Allianz aims for all vendors in its supply chain to have a public net-zero commitment.
Günther Thallinger, the Allianz Member of the Board management responsible for investment management and sustainability, emphasized the company’s commitment to climate action and the importance of partnerships with governments, industry, corporates, and other financial sector players to achieve these goals.
The Net-Zero Transition Plan is based on recommendations from the U.N. High-Level Expert Group on Net-Zero Commitments of Non-State Actors and industry-led approaches such as the Target (NYSE:TGT) Setting Protocol of Net-Zero Asset Owner Alliance.
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