German insurer Allianz has published its first net-zero transition plan committing to reduce emissions as part of a plan that aims for net-zero in 2050 in its proprietary investment and Property and Casualty (P&C) underwriting portfolios and by 2030 within its own operations.
The insurer pledged to grow its revenues from energy transition solutions in its commercial insurance portfolio by 150%. Allianz is already a leading insurer of solar photovoltaic and wind farms, both onshore and offshore. Furthermore, it aims to provide coverage to the emerging hydrogen technologies.
As an investor, Allianz also plans to provide additional investment of €20bn in climate and cleantech solutions, in line with EU sustainability regulations, to support the ramping up of renewable energy.
As part of its intermediate targets, in P&C, the insurer is targeting a carbon emission reduction of 30% for the retail motor segment, and a greenhouse gas (GHG) emission intensity reduction of 45% in its commercial segment by 2023.
Günter Thellinger, Member of the Board of Management Allianz SE, Investment Management, Sustainability, commented: “We are setting tangible targets to build transparency and trust and lead by example.
“Our comprehensive transition plan underpins our commitment to changing our own business and to encourage as well as support our customers and partners in their transition journeys. We are taking the necessary steps towards the full decarbonization of our insurance and investment portfolios by 2050.”
The insurer also noted that its investment portfolio overachieved the 2025 GHG emission reduction target, and it is now targeting to halve the level of GHG emissions by 2030.
At the same time Allianz claims it has reinforced its goal to drive decarbonization together with its customers, partners and policy makers.
