Here in Australia we see the impact of climate change on our environment all too often. Climate scientists say the devastating bushfires Australia has experienced in recent years, and the severe flooding that parts of New South Wales and Queensland have experienced were 1.
Extreme weather events like those we have seen in Australia, and which are taking place elsewhere across the world, have really highlighted the importance of managing climate change risks.
From a global perspective, Allianz Group is reaffirming our commitment to being a leader in sustainable business practices for the insurance industry and beyond. As part of this we are accelerating our climate strategy by limiting greenhouse gas emissions derived from our sites and activities in over 70 markets to net zero by as early as 2030.
Additionally, from 1 January 2025, Allianz Group will require a robust ‘Net Zero by 2050’ commitment from the largest hydrocarbon producers globally as a pre-condition for company-level insurance coverage and investments. In contrast, the green energy projects of oil and gas companies will not be restricted in any way, and Allianz is committed to help drive the transition towards renewable energy sources through significant underwriting capacity and appetite for renewable energy risks.