Brussels-headquartered multinational insurer Ageas has accelerated the transition towards net-zero carbon emissions in its investment portfolio.
The insurers strategic plan, Impact24, includes a strong focus on sustainable growth.
Under this plan, Ageas has committed to invest at least €10 billion in assets, making a significant contribution towards a more sustainable world by 2024, and to also achieve net-zero carbon emissions in its investment portfolio by 2050 at the latest.
In order to reach this long-term target, Ageas has defined an intermediate trajectory to reach its carbon reduction objectives.
To support its ambition, the insurers has joined the UN-convened Net Zero Asset Owner Alliance (NZAOA), a member-led initiative of insurers, pension funds and foundations, committed to transitioning their investment portfolios to net-zero greenhouse gas (GHC) emissions by 2050.
Moreover, concerning the carbon intensity of its investment portfolio, Ageas has set a first intermediate target of a 50% reduction of the GHG emissions by 2030 of its equities, corporate bonds, real estate and infrastructure portfolios held by its European consolidated entities. This objective is in line with the requirements of the NZAOA.
As a result, Ageas moves from a long term 2050 commitment to a much closer 2030 intermediate target. The progress will be calculated against the levels of 2021.
Ageas has also confirmed that it will continue to engage directly or indirectly, through its external asset managers and/or collective engagement initiatives, with companies, and will focus on the 20 highest GHG detractors in its portfolio, therefore encouraging them to take action to meet the net-zero ambition of the European Commission.
Furthermore, as set in its Impact24 strategy, Ageas ambitions to invest €10 billion in assets making a positive contribution – social and environmental – towards a more sustainable world.
Among these sustainable investments Ageas aims to invest specifically at least €5 billion in climate related investments by 2024.
“Contributing to a more sustainable world is at the heart of Ageas strategic plan, Impact24. As a leading insurer and a responsible investor, we commit to decarbonise our investment portfolio by 2050 at the latest and we will invest in climate solutions,” said Hans De Cuyper, CEO Ageas.
“By joining the Net Zero Asset Owner Alliance we confirm our contribution to the global effort to mitigate climate change and to the achievement of the Paris Agreement. By joining the Alliance we strengthen our long term 2050 net zero commitment with a much closer 2030 decarbonisation target of minus 50%.
“We are confident that thanks to our continuous efforts to implement a responsible approach in our investments, we are in a good position to meet the requirements of the Alliance and to achieve our first intermediary targets and as such to contribute to the Alliance’s ambition to limit the global temperature increase to maximum 1.5°Celsius”
Meanwhile, in September 2022, Ageas announced plans to open its reinsurance activity to third parties, outside its group perimeter, trading under the brand Ageas Re.
