- Allianz Australia (Allianz) has commended the Insurance Council of Australia (ICA) Climate Change Roadmap Towards A Net-Zero Future (Roadmap), which was launched today. Allianz joins the ICA in supporting strong action on climate change, with the Roadmap reinforcing the work insurers and reinsurers are already doing to tackle emissions and identifying goals to continue to deliver on climate action in line with steps being taken around the world.
- Jodi Fullarton-Healey, General Counsel and Chief General Manager of the Corporate Governance and Legal Division at Allianz Australia, said: “At Allianz, our purpose is to help secure the future for our customers, employees and the community. As part of this, we’ve had a climate strategy in place for more than a decade. Allianz SE is a founding member of the Net-Zero Insurance Alliance, which commits signatories to reduce emissions to net-zero by 2050. The global Allianz Group is also working to withdraw from the thermal coal sector by 2040.
- Allianz supports the ICA’s Climate Change Roadmap as an excellent step in ensuring our industry is working towards clear goals.”
Allianz’s commitment to net-zero
- In 2021, Allianz SE became a founding member of the U.N.-convened Net-Zero Insurance Alliance (NZIA) – a group of over 29 insurers committed to transition their insurance and reinsurance underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050 – and Allianz Global Investors became a member of theNet-Zero Asset Managers initiative.
- The global Allianz Group has also been accelerating the deployment of its climate strategy and in April 2022 announced commitments to limit greenhouse gas (GHG) emissions from its sites and activities in over 70 markets to net-zero in its operations by as early as 2030.
Addressing the reduction of GHG emissions from coal, oil and gas
- The global Allianz Group has been limiting insurance and investments in thermal coal-based business models since 2015 and aims to completely withdraw from the thermal coal sector by 2040. The commitments extend from thermal coal mining and electricity generation to include coal-related infrastructure (e.g. railways and ports). In 2022, the global Allianz Group also decided to adjust its investment and underwriting strategy for the global oil and gas industry, ceasing investment in and underwriting new single-site or stand-alone oil and selected gas projects from 1 January 2023. This restriction on investment and underwriting will apply to all oil and gas activities related to the Arctic (as defined by AMAP, excluding operations in Norwegian territories) and the Antarctic, as well as extra-heavy oil and in the ultra-deep sea.
- As part of this commitment, from 1 January 2025, the global Allianz Group will only insure and invest in those oil and gas companies which have committed to achieving net-zero greenhouse gas emissions by 2050 in alignment with science-based 1.5°C pathways, across all three greenhouse gas emission scopes. This applies to major oil and gas companies with above 60 million barrels of oil equivalent production in 2020 that are estimated to represent about 85 percent of the hydrocarbon production of the oil and gas industry combined. Additionally, the companies should ideally align their operations and disclosures with the Climate Action 100+ Net-Zero Company Benchmark requirements. In contrast, the green energy projects of oil and gas companies will not be restricted in any way, and the global Allianz Group is committed to help drive the transition towards renewable energy sources through significant underwriting capacity and appetite for renewable energy risks.
- Climate change has serious direct and indirect impacts on Australian communities and communities around the world, and collaboration between governments and industries to reduce emissions and increase resilience is essential. The ICA’s Climate Change Roadmap Towards A Net-Zero Future is based on 5 pillars: the insurance industry’s net-zero commitment, net-zero industry operations, net-zero with insurers’ customers, net-zero investments, and creating a more resilient Australia.
- For more information on Allianz Australia’s local initiatives to support these pillars and help mitigate the effects of climate change, visit Allianz Healthy Planet.
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About Allianz Australia
Allianz Australia has been securing the future of our customers in Australia since 1914. We deliver a wide range of personal and commercial insurance products and services to more than 3 million policyholders. We also provide support for workers' compensation insurance to around 25% of the top 200 ASX companies, making us one of the leading workers' compensation insurers in Australia.
Allianz Australia Limited is a wholly owned subsidiary of the worldwide Allianz Group. The Allianz Group is one of the world's leading insurers and asset managers with corporate customers in more than 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, credit insurance and global business insurance. 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.
Allianz Australia Limited is a wholly owned subsidiary of the worldwide Allianz Group. The Allianz Group is one of the world's leading insurers and asset managers with corporate customers in more than 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, credit insurance and global business insurance. 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.
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