Allianz Publishes Net Zero Plan, Calls on Policymakers to be Pragmatic

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Allianz CEO Oliver Bäte recently spoke to heads of government attending the UN Climate Ambition Summit, including London mayor Sadiq Khan and California Governor Gavin Newsom, saying “The long era of robust economic growth, low inflation, and geopolitical stability is over, and it’s replaced by uncertainty, volatility, and war. Suddenly, fighting climate change has become an ever greater challenge."

Despite this new landscape, Bäte went on to say "transforming our economy is a huge opportunity” and cautioned that the cost of not transforming “dwarfs the investments needed for the transformation.” He called on policymakers to "focus on pragmatic, market-based solutions that reflect scientific and economic realities, rather than imposing dogmatic and rigid policies that undermine confidence in leadership."

For its part, Bäte stressed the commitments of Allianz and many of its industry peers to science-based decarbonisation targets, reaching net-zero carbon in investment and underwriting businesses by 2050 with credible interim targets.

Bäte outlined Allianz's recently published plan to reach net-zero emissions from its own operations by 2030 and across its investment and underwriting portfolios by 2050. Intermediate P&C targets include a 30% emissions reduction for the retail motor segment and 45% emissions intensity reduction in its commercial segment by 2023. Allianz also committed to scale its renewable and clean energy insurance revenues by 150% by 2030, and invest another €20 billion in these sectors.