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These efforts are projected to contribute significantly to a targeted emission intensity reduction of 45% across multiple lines of Allianz’s corporate insurance business, consisting of large company customers that already report their GHG emissions. For the retail motor insurance portfolio, Allianz targets a reduction of carbon emissions by 30% in nine key European markets by 2030 (Austria, Belgium, France, Germany, Italy, Netherlands, Spain, Switzerland, UK). The baseline year for these decarbonization targets is 2022.
While these 2030 intermediate targets are the first ones set for the Allianz P&C insurance portfolio, Allianz has already surpassed previously set 2025 intermediate targets for its proprietary investment portfolio. The new goal now halves emissions by 2030 compared with 2019, with a dedicated focus on actively driving emission reductions in energy, steel and automobile sectors.
The climate targets for Allianz’s business operations to be net-zero by 2030 remain unchanged, although the timeline has been harmonized to December 31, 2029, for all segments.
“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,” says Günther Thallinger, Member of the Board of Management Allianz SE, Investment Management, Sustainability.
In the past years, Allianz has achieved remarkable progress in lowering the GHG emissions in its own business operations as well as in its proprietary investments and insurance portfolios, including establishing guidelines for high-emitting sectors, such as coal, oil and gas. Allianz will provide updates in annual progress reports, keeping its customers and the public informed about their advancements in achieving these environmental goals.
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