Allianz Group is accelerating the deployment of its climate strategy and has announced new ambitious commitments in both its core business and operations. The company will limit the greenhouse gas emissions (GHG) deriving from Allianz’s sites and activities in over 70 markets to net-zero by 2030, instead of 2050 as originally planned. For its proprietary Investment and Property & Casualty (P&C) businesses, as of January 1, 2023, Allianz will no longer invest in or underwrite new single-site or stand-alone oil and selected gas risks, oil and gas activities related to the Arctic and the Antarctic or extra-heavy oil and ultra-deep sea risks. 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.
"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. "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."
Allianz is committed to actively driving the transition towards renewable energy sources, supported by significant underwriting and investment capacity and appetite for renewable risks. Consequently, green energy projects of oil and gas companies will not be restricted in any way.