We are working to better align our Corporate Responsibility Strategy with our company strategy and integrating it further is a priority for the coming years.
Our Climate Change Strategy has been a key element of our Corporate Responsibility Strategy as it lies at the heart of our business model of protecting people and businesses from risk. Since the strategy’s launch in 2005, the global response to climate change has been growing. Divestment from coal: Our latest achievement is the commitment to set ourselves long-term emissions reduction targets for our proprietary investment portfolio in line with the Paris Climate Agreement’s target as part of the Science Based Target initiative (SBTi). Furthermore, we decided to stop offering P&C insurance for single-site coal-fired power plants and coal mines, be they operated or planned, and strengthened our coal exclusion approach in investments. Our strategy is regularly updated and will be aligned with the recommendations developed by the G20 Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). Our Climate Team within the Corporate Responsibility departments works on early identification and measurement of climate risks and opportunities as well as on integrating them into Allianz’s business both for the investment and the insurance side. We also work to reduce our direct carbon footprint as a company and have been carbon-neutral since 2012. In 2018, we joined the RE100 initiative and committed to use 100% renewable electricity by 2023.
ESG Strategy: As an insurer and investor, we also carefully manage ESG risks (environmental, social, and governance risks) in underwriting, incorporate ESG factors into our proprietary investment processes, and offer responsible investment solutions to our asset management clients. . This ESG integration is carried through multiple processes and corporate rules. The Allianz ESG Integration Framework describes our ESG approach and decision-making criteria, including details on the international standards, frameworks, and guidance documents on which Allianz bases its approach.
Summing up our engagement, Katharina Latif, Head of Corporate Responsibility at Allianz SE states: “We work on integrating sustainability into our core business and maximizing the transparency of our sustainability performance. We are constantly analyzing opportunities to improve Allianz’s sustainability performance.”
Read more about our Corporate Responsibility Strategy and our strategic pillars here.