While the G20 gathered at the Venice Climate Summit this past weekend, eight of the world’s biggest insurance companies made a commitment to contribute to a net-zero emissions economy, following the Paris Agreement Standards.
The group established the Net-Zero Insurance Alliance, or NZIA, in association with the UN Race to Zero and Glasgow Financial Alliance for Net Zero. They have commited to transition their insurance and reinsurance underwriting portfolios to net-zero GHG by 2050.
The global insurers and reinsurers founding the NZIA are AXA (NZIA Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re and Zurich Insurance Group. Each of the companies will set its own science-based goals for every five years, and report their individual progress publicly and annually to contribute to reaching the Paris Climate Agreement goals.
They also stated that they will promote and participate in governmental policies and the respective competition authorities in order to transition the economic areas to net-zero in a way that is both socially and scientifically responsible.
The eight founding members of the NZIA “are already part of the UN-convened Net-Zero Asset Owner Alliance (NZAOA) established in 2019, where they are already individually setting science-based 2025 decarbonisation targets for their respective investment portfolios in line with a net-zero transition pathway.”
Inger Andersen, Executive Director of the UN Environment Programme (UNEP) said “Along with governments, the insurance industry and wider financial sector have the power and responsibility to drive progress towards a net-zero economy and a sustainable future for all. Guided by science, I am pleased to see leading insurers embed the net-zero ambition in their core insurance business. I urge the rest of the global insurance industry to respond to the climate emergency and urgently follow the example set by the founding members of this pioneering alliance.”