Faber: Outside support is a routine affair for any company, no matter what the sector. The only unusual aspect is that this support is from a non-governmental organization.
But it’s exactly that independence which makes the partnership with the WWF so valuable. The WWF is one of the institutions with the most extensive knowledge on climate change. And it’s a good thing to have a sort of "sparring partner" so we can develop further – both ourselves and as a company. We don’t have to be of the same opinion on all matters to achieve that result.
Faber: This doesn't imply that it will automatically end in three years. But three years is a good period of time to achieve the first results, and then to decide together how to go forward.
Faber: We have already achieved a good deal. After our first climate report in 2005, we adopted an international program that is now implemented by about two-thirds. For example, between 2005 and 2006, we reduced our direct carbon dioxide emissions – which are caused mainly by offices and business trips – by nearly five percent. By 2012, we'll be reducing our emissions by another 20 percent compared to 2006.
Within the international Carbon Disclosure Project, we are working for greater transparency in climate-related risks. Moreover, the Project has recognized Allianz as "Best in Class" in our approach to climate change disclosure.
As I mentioned before, climate change also offers opportunities. On August 1 of last year, our new Allianz Climate Solutions subsidiary went into operation. Its team advises companies on how to adapt to climate risks, and about climate-friendly projects like wind farms or biomass plants, covering all aspects of financing, technical risk management and insurance.
In September, we also launched the ECOMotion car insurance policy in Germany, which is certified by the WWF. For the first time, it enables environmentally-aware drivers to neutralize their CO2 emissions. Our successful Allianz RCM Global EcoTrends fund was also established in collaboration with the WWF. Our Dresdner Kleinwort investment bank is a leading player in the European emissions trading market. And we’re making long-term investments in renewable energies. At the end of last year, we significantly increased our wind farm portfolio.
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