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 our Climate Change Strategy was launched in 2005, the global response to climate change has been growing. Our own response includes committing to the Science Based Target initiative (SBTi) and thus to setting ourselves emission reduction targets for our proprietary investment portfolio and for our business operations, further strengthening our approach to exiting coal-based business models, implementing the recommendations developed by the G20 Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD), and enhancing our systematic approach to investee engagement. Our strategy is regularly updated and will be aligned with the TCFD recommendations. Our Climate Integration 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.
Read more about our Corporate Responsibility Strategy and our strategic pillars here.