Energy Efficiency, GHG Emissions  -  April 4, 2022

Zurich Insurance Sets 2030 Goals

Zurich Insurance Group (Zurich) is bringing forward by 20 years its target to achieve net zero emissions in its operations and now aims to reach the goal by 2030, after implementing plans announced last year to achieve major cuts in absolute emissions this decade. 

Zurich has signed carbon removal agreements with several suppliers of nature-based solutions where it can have the biggest impact on the development of the carbon removal industry. It has made advance payments that will help these suppliers further develop, scale and commercialize their early stage and innovative technologies.

“Since we first started measuring our carbon footprint in 2007, we have avoided an estimated 1 million metric tons of CO2-equivalent emissions, and our focus remains on reducing them to a minimum,” said Alison Martin, CEO EMEA and Bank Distribution, and the Executive Committee member responsible for Sustainability, in a statement. “To balance out our unavoidable residual emissions, we are supporting innovative carbon removal solutions. The urgency of the situation means we need to be proactive and help scale up the carbon removal industry, which is still in its infancy.”

The chosen carbon removal suppliers are InterEarth from Australia, Bio Restorative Ideas from Puerto Rico and Oregon Biochar Solutions from the United States. 

To complement its net zero strategy, Zurich aims to have 75% of its managed procurement spend with suppliers that have science-based emissions reduction targets by 2025 and net zero targets by 2030.

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