G8 fails on climate goals. Again.

Sydney, 1 July 2009

G8 countries have so far failed to take sufficient action to protect the world against climate change. The latest G8 Climate Scorecards report shows that Germany, followed by the UK and France, is performing better than the rest of the rich nations group. Italy and Japan are in a lower medium ranked group. Canada, the USA and Russia are lagging behind, despite the USA moving up one rank.

The report carried out by Ecofys for WWF and Allianz SE ranks the top eight industrialized countries and five major developing countries according to their climate change policy.

Only five months ahead of crucial climate talks in Copenhagen, the 2009 edition of the annual WWF-Allianz G8 climate scorecards shows that while some efforts had been made, action remains insufficient to set the world on a low carbon economy course.

The report shows the lack of a clear leader among the ranked nations and, while Germany has slightly improved, countries such as Canada and Russia have completely failed to pass the test.

In the foreword of the report, James Leape, the head of WWF and Allianz board member Joachim Faber urged the nations to take action now and help seal a good deal in Copenhagen.

“While there might be a bailout possibility for the financial system, no amount of money will save the planet once climate change crosses the danger threshold,” Mr. Leape and Mr. Faber wrote. “It is therefore crucial to limit the rise of global temperature to below two degrees compared to pre-industrial levels.”

The G8 Climate Scorecards 2009 measure countries’ performance and trends in areas such as development of greenhouse gas emissions since 1990, the distance to their Kyoto-targets, their share of renewable energies and the efficiency of their climate policies.

The evaluation is based on their progress and improvement made since 1990, their current status of emissions and their intended policies for the future.

According to the report, Germany, the United Kingdom and France have already achieved their Kyoto targets - but their long-term climate performance is not adequate to limit the global temperature rise below two degrees Celsius.

Climate initiatives so far planned or announced by the Obama-administration have helped the USA climb from the last rank to seventh place.

Canada and Russia which are at the bottom of the rank either do not have political plans to change this development or do not implement them.
Within the framework of the global WWF-Allianz partnership, Allianz in its position as an international finance service provider supports the G8 Climate Scorecards to better understand the consequences of climate change. That is vital for the investment and regulatory framework conditions that have to be adapted to the consequences of climate change as well as for the development of new climate compliant products and financial solutions.
Joachim Faber, board member of Allianz SE says: “A low carbon future holds growth potential for G8 countries as well as for emerging nations. Future investments and product development therefore require a sustainable political framework.”

Commenting on the Australian situation, Terry Towell, Managing Director of Allianz Australia said, “All countries, including Australia, need to do more to ensure they have in place the regulatory mechanisms and policy initiatives required to constrain their greenhouse gas emissions in order to mitigate the effects of global warming and the climate impacts that would inevitably follow increases in the earth’s temperature.”

“In Australia, more effort is required in the area of adaption, which has for far too long been the poor cousin to mitigation in the context of governments’ responses to climate change. Communities, particularly those in vulnerable coastal areas, need a greater degree of certainty about how governments will respond to climate-related changes that may adversely affect private property and public infrastructure.”

“Governments at all levels should be investing more in research and analysis of the potential affects of climate change and develop coordinated and consistent adaption policies and initiatives so households and businesses can make medium and long-term investment and other decisions in a more certain regulatory and policy framework.”

View PDF Version of G8 Climate Scorecards 2009

View Interactive version of G8 Climate Scorecards 2009

For further information please contact:

Nicholas Scofield
Allianz Australia
Tel. +61-2-9390 6596

Nicolai Tewes
Allianz SE
Tel. +49-89-38 00 4 511 or +49-171-8602154

Sigrid Goldbrunner
WWF Germany
Tel. +49-30-30 87 42 421 or +49-162-2910304

Allianz Australia

Best General Insurance Company 2006*
Best General Insurance Company 2007*

The Allianz Australia Group operates in Australia and New Zealand. It includes one of Australia’s largest general insurers, a leading private workers’ compensation insurer, and a life insurer.

Allianz Australia delivers a wide range of personal, commercial and corporate insurance products and services. It is proud to be of service to more than 2 million policy holders and over 50% of Australia’s top 200 BRW listed companies have some form of insurance cover with the group.

Allianz Australia has approximately 3300 staff.
Greenhouse Challenge Plus
The Allianz Group’s commitment to social, environmental and economic sustainability has been acknowledged internationally by the Dow Jones Sustainability Index, which recognised the Allianz Group as the most sustainable general insurance group in the world in 2007. In Australia, Allianz Australia is a member of the Greenhouse Challenge Plus program, which is a cooperative partnership between industry and the Australian Government that aims to reduce greenhouse gas emissions.

*Australian Banking and Finance Insurance Awards

About Allianz

Allianz SE is member of Transparency International Germany and supports the Principles of the United Nations Global Compact and the OECD Guidelines for Multinationals through its Code of Conduct.
Allianz SE is one of the leaders of the insurance sector in the Dow Jones Sustainability Index, listed in FTSE4GOOD and in the Carbon Disclosure Leadership Index (Carbon Disclosure Project, CDP6).

About WWF

WWF is one of the world's largest and most respected independent conservation organizations, with almost 5 million supporters and a global network active in over 100 countries. WWF's mission is to stop the degradation of the earth's natural environment and to build a future in which humans live in harmony with nature, by conserving the world's biological diversity, ensuring that the use of renewable natural resources is sustainable, and promoting the reduction of pollution and wasteful consumption.

These assessments are, as always, subject to the disclaimer provided below.

Cautionary Note Regarding Forward-Looking Statements
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may", "will", "should", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential", or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) general economic conditions, including in particular economic conditions in the Allianz Group’s core business and core markets, (ii) performance of financial markets, including emerging markets, and including market volatility, liquidity and credit events (iii) the frequency and severity of insured loss events, including from natural catastrophes and including the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates including the Euro/U.S. Dollar exchange rate, (ix) changing levels of competition, (x) changes in laws and regulations, including monetary convergence and the European Monetary Union, (xi) changes in the policies of central banks and/or foreign governments, (xii) the impact of acquisitions, including related integration issues, (xiii) reorganization measures, and (xiv) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Allianz SE’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking statement.

No duty to update
The company assumes no obligation to update any information contained herein.