G7: Opportunity for the environment and investors alike

Allianz.com: Is the G7 climate protection resolution a political breakthrough, or do you expect to be disappointed again at the Climate Change Conference in Paris at the end of the year?

 
Maximilian Zimmerer : It is an important and urgent signal that has been sent out at the right time. We agree with the binding regulations that the resolution calls for. The G7 resolution also plans to mobilize investments in renewable energy in developing countries and supply up to 400 million people living in these countries with access to climate-related insurance cover. We support this as well. With more than 50 million microinsurance customers in 11 countries spread over Asia, Africa and Latin America, Allianz is a leading player in this segment and has contributed to the development of this G7 initiative.
 
The challenge now lies in fleshing out the details of the G7 resolution and actually putting it into practice. This also, and particularly, applies to Germany as a climate change pioneer, because cheap coal means that our coal consumption is currently on the rise.
 

What is Allianz doing to promote climate protection?

 
We have been fighting for ambitious CO 2 reduction targets which not only meet the two-degree target, but will hopefully undercut it, for years now. We have slashed our own emissions by more than 41 percent (since 2006). With more than 50 wind farms and solar parks, we are one of the leading investors in renewable energy. Our investments account for a volume of EUR 2.4 billion and generate 1,400 MW, enough energy to supply a city the size of Barcelona with electricity. We offer our customers more than 150 green product solutions.
 

The Norwegian government pension fund and the French insurer AXA have announced that they will be withdrawing from the coal industry. What does Allianz plan to do?

 
The energy sector plays a key role in climate protection. As a long-term investor and insurer, Allianz promotes the energy transition with three target criteria: climate protection, security of supply and cost-effectiveness. For us, a crucial factor is which players are willing and able to achieve decarbonization in the fastest and most reliable manner. While withdrawing from investments in certain companies is one possibility, engaging in dialogue and fostering change through better risk solutions is sometimes the more sustainable option. This is why our business transactions in the energy sector are subject to a case-by-case assessment based on ESG criteria, which apply throughout the Group. ESG stands for Environment, Social and Governance - in addition to environmental and climate protection, we also take social factors and good corporate governance into account. We are supplementing ESG criteria to include an energy framework and an ESG scoring system for our current investment portfolios to help us set the right course for the move to alternative energy sources. We are currently working with experts and non-governmental organizations to develop both of these approaches.
Maximilian Zimmerer, Chief Investment Officer at Allianz
Maximilian Zimmerer, Chief Investment Officer at Allianz

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Nicolai Tewes
Allianz SE
Phone +49.89.3800-4511
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