Net-Zero transition plan – leading the way and driving the change
Allianz is leading the way in the financial services industry with its first net-zero transition plan that lays out the details for its 2030 intermediate targets to decarbonize own operations, proprietary investment, and P&C underwriting. Setting intermediate targets, implementing the necessary changes in its global business and reporting on the work is what drives the change.
- Targeted 45% reduction in emission intensity across multiple lines of Allianz's corporate insurance business, which consists of large corporate customers that already report their greenhouse gas emissions.
- For the retail car insurance portfolio, Allianz is targeting a 30% reduction in carbon emissions by 2030 in nine key European markets (Austria, Belgium, France, Germany, Italy, Netherlands, Spain, Switzerland, UK). The base year for these decarbonisation targets is 2022.
- Allianz has already surpassed the 2025 intermediate target for its proprietary investment portfolio. The new target is now to halve emissions by 2030 compared to 2019, with a special focus on actively driving emissions reductions in the energy, steel and automotive sectors.
- Scaling renewable energy and low-carbon technology: Allianz to profitably grow revenues from transition solutions in commercial insurance portfolio by 150% and provide additional investments of 20 billion euros by 2030
This plan defines how Allianz is going to contribute to the economic transformation towards a net-zero economy. It was first published in September 2023 and implements a further recommendation of the United Nations’ High-Level Expert Group on the net zero commitments of non-state entities.
** As of December 31, 2023.