GHG Emissions, Solar, Sourcing Renewables, Wind - May 2, 2022
Allianz Group Changes Emission Goal to 2030
Allianz Group is accelerating its climate strategy and announced new commitments in both its core business and operations by limiting the GHG emissions deriving from Allianz’s sites and activities to net zero by 2030, instead of 2050 as originally planned.
The global insurer plans to reduce its GHG emissions by 50% from 2019 by 2025. In order to achieve the net zero target by 2030, the company plans to reduce its emissions by 70% versus 2019 by strengthening its environmental management and sourcing 100% renewable electricity by 2023. The key drivers will be the shift to a fully electric corporate car fleet by 2030 at the latest and a reduction of 40% GHG emissions deriving from travel activities by 2025.
By the start of 2025, Allianz will require a robust ‘net zero by 2050’ commitment from the largest hydrocarbon producers as a pre-condition for company-level insurance coverage and investments.
The company will continue to support ring-fenced and stand-alone construction and operational insurance of, as well as project investments in, green and low-carbon energy (including on/offshore wind, solar, green hydrogen, and blue hydrogen, if lifecycle emissions of those projects are verified to be similar to green hydrogen) to facilitate the rapid deployment of these technologies.
Allianz started limiting financing coal-based business models in 2015, followed by restrictions in insurance in 2018 and aims to completely withdraw from the coal segment by 2040.
In addition, Allianz will ask 100% of its global suppliers to have a public commitment to net zero GHG emissions in line with 1.5°C path by 2025.
"In view of the current geopolitical situation, the reliable energy supply for households and companies must be reprioritized in the short term. Policymakers must now work together with the business community to define conditions that enable planning, and in addition enable the acceleration of renewables globally," says Günther Thallinger, Member of the Board of Management of Allianz SE, Investment Management and Sustainability, in a statement. "However, we should not lose sight of the serious consequences of climate change. With these new guidelines, Allianz is strengthening its promise to contribute to an orderly decarbonization of the economy."