At the same time, Allianz has been supporting the scale-up of renewable energy. For example, we started investing in renewables in 2005 and are insuring projects in 70 countries worldwide. In 2023, amid the energy crisis, Allianz decided to further support renewable and defined low-carbon energies and introduced a Renewable / Low-Carbon Energy guideline. It shall help support the quadrupling of renewable energies in this decade which is required for limiting global warming to 1.5°C.
Phasing Out of Fossil Fuels and Scaling Up Renewable Energy
Allianz started to restrict financing coal-based business models already in 2015. In 2021, we restricted oil sands, followed by a fully-fledged oil and gas guideline in 2022. These guidelines are considered industry-leading in respective rankings.