German insurer Allianz has made a significant announcement regarding its plans to achieve net-zero carbon emissions.
The insurer aims to reach net-zero in its proprietary investment and Property and Casualty (P&C) underwriting portfolios by 2050. Additionally, the firm plans to become carbon-neutral within its internal operations by 2030.
In a bid to accelerate the global transition to cleaner energy, Allianz pledges to enhance its revenue from energy transition solutions in its commercial insurance portfolio by 150%. Already a prominent insurer for solar photovoltaic and wind farms, Allianz is setting its sights on emerging hydrogen technologies, signalling the insurer’s push into future-focused energy solutions.
The insurer’s financial commitments are equally noteworthy. Allianz plans to inject an additional €20bn into climate and clean technology solutions, in accordance with EU sustainability guidelines. This investment is designed to boost the development and implementation of renewable energy sources.
Allianz has also set interim targets for its P&C insurance sector. Specifically, the company aims for a carbon emission reduction of 30% in its retail motor segment by 2023. Alongside this, a greenhouse gas emission intensity cut of 45% is aimed for in its commercial segment within the same time frame.
Member of the Board of Management Allianz SE, Investment Management, Sustainability, Günter Thellinger said, “We are setting tangible targets to build transparency and trust and lead by example. Our comprehensive transition plan underpins our commitment to changing our own business and to encourage as well as support our customers and partners in their transition journeys. We are taking the necessary steps towards the full decarbonization of our insurance and investment portfolios by 2050.”
Furthermore, Allianz reported that its investment portfolio has already surpassed its 2025 greenhouse gas emission reduction target. The insurer is now focused on halving its GHG emissions by 2030. The company also emphasises its broader goal of fostering decarbonisation, working in collaboration with customers, partners, and policymakers.
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