We’ve set ambitious targets to help us transition to net zero in our business operations by as early as 2030.
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 exacerbated by global warming1.
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.
Our Sustainability Report sets out the path ahead
The Allianz Group’s commitment to creating a sustainable future is part of our core business. In our recently published Allianz Group 2021 Sustainability Report we outline our 2021 strategy, ambition, commitments and contributions to shape a more sustainable future.
As part of our commitment to ourselves, our customers and our stakeholders, we are working to:
- Continue integrating climate action across all Allianz business areas and markets and deliver on our net-zero targets.
- Systematically reduce greenhouse gas emissions to net zero among our proprietary investment portfolio.
- Define science-based climate targets in our insurance portfolio.
- Continue implementing our phaseout of thermal coal-based business models across our proprietary investments and Property & Casualty portfolios.
- From 1 January, 2023 no longer invest in or underwrite new single-site or stand-alone oil and selected gas projects. This restriction also applies to oil and gas activities related to the Arctic 2 and the Antarctic as well as extra-heavy oil and ultra-deep-sea.
- Increase the use of renewable electricity to run our data centres and offices and reduce greenhouse gas emissions per employee.
Charis Martin-Ross, Allianz Australia’s Senior Manager, Sustainability, says as a leading global business Allianz have a responsibility to enable the world’s low-carbon transition.
“Our ambition is to integrate sustainability into everything we do at Allianz,” Charis says. “We aim to enable the journey to net zero for our own operations and our insurance customers.”
In working towards this, in December 2021 Allianz Australia became the first insurer to join Climate League 2030, a ten-year, private sector-focused initiative to support and act towards a goal of reducing Australia’s annual greenhouse gas emissions.
From a global perspective, in 2021 the Allianz Group achieved top position among all 125 rated insurance companies in the Dow Jones Sustainability Index, the world’s most respected sustainability index. Allianz Group is also the chair of the UN-convened Net Zero Asset Owner Alliance (AOA), a global initiative that is taking great strides in its commitment to a net zero environment.
Find out more about Allianz Group’s net-zero strategy by downloading our ‘Building Confidence in Tomorrow’ 2021 Sustainability Report (PDF, 6.2 MB).
This article has been prepared by Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL234708 (“Allianz”). Information contained in this article is accurate as at 9 June 2022 and may be subject to change. In some cases, information has been provided to us by third parties and while that information is believed to be accurate and reliable, its accuracy is not guaranteed in any way. Any opinions expressed constitute our views at the time of issue and are subject to change. Neither Allianz, nor its employees or directors give any warranty of accuracy or accept responsibility for any loss or liability incurred by you in respect of any error, omission or misrepresentation in this article.
1 Source: https://www.theguardian.com/environment/2022/feb/28/climate-scientists-warn-global-heating-means-australia-facing-more-catastrophic-storms-and-floods
2As defined by AMAP13, excluding operations in Norwegian territories