Since 2005, the Allianz Group Climate Change Strategy has focused our efforts on encouraging solutions for tomorrow’s climate:

1. We anticipate the risks of a changing climate.

We identify and manage climate-related risks and opportunities as part of our business strategy and through our financial products and services. We screen investments for climate-related risks and exclude certain sectors, such as coal-based business models. We are improving transparency around climate-related disclosures and are working to further align our strategy and reporting with the recommendations developed by the G20 Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).

2. We care for the climate-vulnerable.

We support our customers to reduce risks and minimise damage, compensate those who have suffered losses, and insure low-carbon developments. We work with peers, governments and the civil society to manage climate risks and ‘close the protection gap’, specifically in most vulnerable developing countries. We also support scientific research and innovation that improves society’s understanding of climate-related risks.

3. We enable the low-carbon transition.

We provide sustainable solutions for our customers, including insurance that supports renewables and energy efficiency around the world.

Working with the Science Based Targets initiative (SBTi) , we have committed to set long-term climate goals, linked to the Paris Climate Agreement’s target to limit global warming to well below 1.5°C, and we are committed to sourcing 99.9% renewable power for our group-wide operations by 2023.

Carbon reduction

We have an established carbon reduction strategy which manages CO2 emissions from our operations and supports the commitment we have made to minimising our environmental footprint. We aim to reach Net-Zero and Net-Zero in our investment and underwriting portfolios by 2050.

As the specific definition of Net-Zero is still evolving for financial institutions and we anticipate Company Sustainability Reporting Directive (CSRD) requirements, we are no longer referring to the 2030 target for our Own Operations as a Net-Zero commitment. We will instead refer to it as a 2030 intermediate target. The rest of the decarbonisation and removal targets for Own Operations remain as communicated in the Inaugural Net-Zero Transition Plan.

By 2025 we aim to reduce GHG emissions per employee by 50% versus a 2019 baseline across Scope 1, Scope 2, and selected Scope 3 emissions (see chapter ‘Current Emissions’). For year-end 2030, we target GHG emission reductions of 70 % and for year-end 2029, -65 %¹ versus a 2019 baseline.

To address the remaining 30 %² of the emissions we will use high quality carbon removal solutions.

In the UK, in 2022, Allianz Insurance achieved:

99.9% renewable

99.9% of our electricity comes from renewable sources.

52.75% reduction

52.75% reduction in greenhouse gas emissions per employee, against a 2019 baseline through energy efficiency measures, increasing the use of renewable energy and promoting low carbon travel.

61.75% reduction

61.75% reduction in our emissions from business travel, against a 2019 baseline due to the increase in flexible working and our sustainable travel initiatives.

We have a Group-wide Environmental Management System (EMS) that identifies the key environmental impacts from our operations:

We aim to:

reduce the amount and carbon intensity of the energy we use
reduce the environmental impact of our business travel
operate in a resource-efficient way, particularly regarding use of paper and water
minimise the environmental impact of the waste we produce through avoidance, reduction, re-use and recycling.

We continue to invest in video-conferencing and encourage employees to seek alternative options or more sustainable modes - such as rail or car-sharing to reduce business travel.

We have introduced various digital programmes to reduce the amount of paper we use; including greatly increased digital communications with customers. Our improved in-house printing technology and employee engagement activities have also helped reduce paper use.

Carbon Trust Standard

In recognition of our ongoing efforts to reduce our carbon emissions year-on-year we have been certified to the Carbon Trust Standard since 2010.

We are committed to reducing waste of all kinds and separating waste for recycling to avoid it going to landfill. We have a company-wide scheme to separate different kinds of waste, prior to collection, to maximise recycling. We also use various waste contractors around the UK to maximise post-collection separation and recycling.

A message from the CEO

“How an organization acts on matters of sustainability affects its ability to grow, access capital, attract talent, and enhance customer loyalty. Sustainably managing an organization’s resources and collaborating with partners earns trust and fosters stability in times of social, economic, and environmental volatility.

This report brings together our ambition, strategy, commitments, and contributions to shape a more sustainable future. It details the work done across Allianz in 2022, in collaboration with our many partners, that helps build, grow, and protect more resilient lives, businesses and economies."

Read the Allianz Group Sustainability Report 2023