What are its commitments to hit by 2030?

NATURE
By Kenneth Araullo
Allianz released its comprehensive net-zero transition plan, reaffirming its commitment to achieve net-zero emissions by 2050 within its investment and property and casualty underwriting portfolios and by 2030 in its own operations.
This plan outlines specific intermediate targets for 2030, focusing on reducing greenhouse gas (GHG) emissions across Allianz’s business operations, investment portfolio, and P&C insurance business.
In addition, Allianz announced its goals, which are to strengthen its engagement with customers and investee companies in their journey towards net-zero emissions, expanding investments in renewable energy, low-carbon technology, and sustainable mobility, and advocacy for climate action with partners, the financial services sector, other industries, and policy makers.
The main elements of Allianz’s transition plan include a commitment to achieve 150% revenue growth in revenues from renewable energy and low-carbon technology solutions on the part of commercial insurance in 2030 compared to 2022. Allianz plans to provide coverage for emerging hydrogen technologies and invest an additional €20 billion in climate and cleantech solutions to comply with EU sustainability regulations.
Net-zero targets for investments, businesses, and operations
For Allianz’s corporate insurance business, which includes the company’s major customers that report GHG emissions, the company aims to reduce emission intensity by 45% by 2030. In retail motor insurance, Allianz targets the a 30% reduction in carbon emissions in the nine main European markets in 2030 compared to 2030. to 2022.
Allianz’s commitment also extends to its investment portfolio, with targets to reduce fully owned emissions by 50% compared to the 2019 baseline for listed equity and corporate bonds by the end of this decade. All directly held real estate assets and joint ventures will comply with the 1.5°C pathway, and GHG emissions from corporate investments (both listed and unlisted) will be reduced by 50% compared to 2019.
The plan also emphasizes the reduction of emissions in high-emitting sectors such as electric utilities, oil and gas, steel, and automobiles, which is achieved through the active engagement of companies and initiatives across the that sector.
Allianz highlighted its commitment to achieve net-zero emissions in its operations in 70 countries by 2030. The measures include reducing climate gases per employee by 70% compared to 2019, moving to of 100% green electricity from 2023, and adopting a fully electric corporate car fleet over time.
Allianz also touted its net-zero plan as a reflection of its determination to drive transparency, trust, and leadership by example on the journey toward the complete decarbonization of its insurance and investment portfolios by 2050. The annual progress reports will provide updates on Allianz’s environmental goals.
“With extreme weather events, this summer reinforces the urgency of action on climate change,” said Allianz CEO Oliver Bäte. “Governments, businesses and individuals must work together to build resilience and limit global warming to 1.5°C. Therefore, at Allianz, we are committed to delivering our own net-zero targets, as also in partnership with our clients and investee companies in their transition. We believe that our intermediate targets will help us realize our growth potential and contribute to a healthier, safer future for all.
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