WWF Germany and Allianz Research Report sees historical opportunity to set the course for green and inclusive growth

"Today, we have the historic opportunity to set the course for sustainable growth. But  public budgets are limited. Therefore, we must mobilize private capital to facilitate economic recovery and meet social goals," says Ludovic Subran, Chief Economist of Allianz. "A clear link between climate targets and support through investment programs will result in more resilient structures, long-term competitiveness and higher employment." 

According to a report published today by Allianz Research and WWF Germany, stimulus measures that only focus on short-term economic recovery and neglect social and environmental impacts will result in avoidable deadweight losses for economies in the coming decades. The authors point to effective steering instruments and levers which support a rapid economic recovery and simultaneously contribute to climate protection. This also applies to relief measures already granted; with appropriate regulatory extensions, the transformation towards a low-emission economy could be significantly accelerated.  

Matthias Kopp, Director Sustainable Finance at WWF Germany, says:  "Society will have to bear the costs of the current economic stimulus packages. Thus, these funding programs need to reflect what is at stake for future societies, from today and in the long term. Only a climate-friendly economy can sustain our economy’s competitiveness and safeguard our livelihoods."

Allianz Research and  WWF Germany therefore call for some basic principles to be anchored in the design of economic stimulus packages:

  • The support should be linked to climate targets which are in line with the development paths of companies and lead to climate neutrality before 2050.
  • Companies should develop paths to climate neutrality and define clear milestones.
  • Achievement of objectives and implementation of strategy should be measured
    based on of credible indicators.

The climate experts of Allianz Research and  WWF Germany have also identified five areas deemed to be particularly effective for the design of an economic stimulus package with an effect towards more sustainability. These areas achieve strong positive climate impacts as well as a high macroeconomic multipliers of 2.5 to 3.0 euros per 1.0 euro economic stimulus spent. The Federal Government's economic stimulus package addresses many of these areas, but can only unfold its full effect if the necessary complementary private capital can be mobilized.

  1. Incentives for physical infrastructure investments in renewable energies, storage, transmission and distribution network modernization and CCS/CCU
  2. Energy and climate-related building modernization in accordance with the Paris Climate Targets
  3. Education and training to mitigate the effects of structural change,
  4. Financing approaches for securing livelihoods, natural CO2 storage and
    climate-friendly agriculture,
  5. Financing approaches to promote research and development on climate neutrality.

Long-term and reliable investment planning for more sustainability is key to mobilizing additional private capital. Development paths to climate neutrality at the company level can make an important contribution to this. 

The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 737 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
** As of December 31, 2023.

Press contacts

Anja Rechenberg
Allianz SE
As with all content published on this site, these statements are subject to our cautionary note regarding forward-looking statements:

Further information

Lights, camera, action: Navigating the economic landscape

Delve into Allianz Research's new Economic Outlook for 2024-25, presenting a detailed analysis of the global economy's trajectory. This report offers a glimpse into anticipated growth rates, the strategic direction of central banks, and the evolving dynamics of global trade. With emerging markets at a crossroads and inflationary pressures under scrutiny, discover the key factors poised to influence economic trends. Gain essential insights into the unfolding economic landscape.

Americans Reducing Retirement Savings and Taking on Debt Due to Inflation

Allianz Life study finds ongoing inflation is hampering Americans ability to prepare for their financial future, but many are optimistic inflation will subside.

Sustainability will be treated like finance and we need all our employees to work on it

Publishing a sustainability report is business as usual. What makes it special this year and how does it relate to the Free Share offer and sustainability training for Allianz employees globally? We spoke with Renate Wagner, Member of the Board of Management of Allianz SE responsible for Asia Pacific, Mergers & Acquisitions, People and Culture, and Günther Thallinger, Member of the Board of Management of Allianz SE, Investment Management, Sustainability.