03 June 2021
In line with World Environment Day, Allianz is proud to demonstrate its commitment to environmental, social and corporate governance initiatives with the launch of the latest annual Sustainability Report of the global Allianz Group, as well as an extension of its climate change strategy.
New environmental milestones & targets
The recently released 20th Sustainability Report outlines the Allianz Group’s 2020 environmental, social and corporate governance achievements; as well as its sustainability strategy and targets. The Report revealed a 62 per cent reduction of greenhouse gases per employee since 2010 across all of Allianz’s global operations. Allianz Australia has also committed to further reducing its greenhouse gas emissions by 35 per cent by 2025 locally, based on a 2019 benchmark. The Report also showcased milestones achieved globally including Allianz’s investments in 116 wind and solar parks, making it an important investor of the energy transition. Allianz’s asset managers, Allianz Global Investors and PIMCO, also expanded their ESG approaches to client funds by investing in sustainable projects and companies.
Allianz Australia, Deputy Managing Director, Helen Silver, said "At Allianz, our purpose is to help our customers and employees feel secure about the future, and this includes mitigating and managing environmental and social risks. Tackling climate change must be viewed as an urgent, ongoing and collaborative endeavor. As such, our commitment to both our own climate strategy and contributing to a sustainable economy is rooted in collaborations and partnerships. Allianz will continue to work with the wider finance and insurance industries to unlock positive and systemic change.”
Expediting withdrawal from thermal coal industry
As part of its climate strategy, the Allianz Group will also accelerate its transition plan to globally withdraw from thermal coal business activities in proprietary investments and property and casualty insurance coverage. This is in line with scientific recommendations for a faster reduction of greenhouse gas emissions over the next ten years and Allianz’s commitment to transition to a net-zero economy in line with to the Science Based Targets initiative, which was established to support the Paris Climate Agreement goals.
As of 2023, Allianz Group companies will no longer insure or invest policyholder funds (i.e. proprietary investments) in companies that exceed defined thresholds for thermal coal mining or energy revenue or production, unless they can present a credible decarbonisation plan. The new commitments extend from thermal coal mining and electricity generation to include coal-related infrastructure (e.g. railways and ports) and service providers (e.g. repairs and maintenance).
Ongoing collaboration towards net-zero initiatives
The Allianz Sustainability Report’s recent release and announcement to expedite the decarbonistion of its business follows Allianz’s ongoing commitment to the Net-Zero Asset Owner Alliance (AOA) and comes ahead of the launch of the Net-Zero Insurance Alliance (NZIA) with six other leading insurers and reinsurers. The NZIA will be launched at the 2021 United Nations Climate Change Conference (#COP26) in Glasgow. Allianz has also pledged support for the Glasgow Financial Alliance for Net-Zero (GFANZ) which aims to bring together several finance-related net-zero initiatives under one strategic roof, including the AOA and the NZIA.
For more information on Allianz’s global commitment to helping shape a sustainable future, or to read or download the 20th Sustainability Report, please visit: https://www.allianz.com/en/sustainability/publications/sustainability-report.html. Or for more information on Allianz Australia’s local initiatives to mitigate and manage the effects of climate change by reducing our environmental impact, please visit https://www.allianz.com.au/about-us/community/healthy-planet/.
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