Allianz unveils net-zero transition plan

Allianz has already surpassed its 2025 GHG emission reduction target.

Allianz announced its first net-zero transition plan which leverages scaling renewable energy and low-carbon technology. 

The company plan to increase revenues from transition solutions in their commercial insurance portfolio by 150% and commit to investing an additional 20 billion euros by 2030.

Additionally, Allianz has set intermediate targets to accelerate emission reduction in their Property & Casualty (P&C) insurance portfolios. 

These targets include a 30% reduction in carbon emissions for the retail motor segment and a 45% reduction in greenhouse gas (GHG) emission intensity in the commercial insurance segment by 2030.

In terms of its investment portfolio, Allianz has already surpassed its 2025 GHG emission reduction target and is now aiming to halve GHG emissions by 2030.

Furthermore, Allianz is actively promoting the transition to a net-zero economy. They are committed to working alongside their customers, partners, and policymakers to drive decarbonization efforts forward.

ALSO READ: Allianz Indonesia taps millennial agents and digitalisation to reach more customers

Plan of action

The net-zero plan has a target year of 2030, with using year-end 2029 figures for its propriety investment (investments of insurance clients), P&C and operations.

Further, the plan stated it hopes to finish by year-end 2029, a year ahead of the target to align with reporting deadlines for propriety investments and P&C insurance. With that, the year-end 2029 target is -65% compared to 2019 whilst the 70% is based on the year-end 2030.

The target also hovers around P&C corporate portfolio alongside reported emissions managed by AGCS with 2022 as the base year.

The latest target applies to Austria, Belgium, France, Germany, Italy, Netherlands, Spain, Switzerland, and the UK.

Additionally, the technical feasibility of 100% fossil-fuel-independent fleet will be revisited yearly.

Climate solutions are defined comprehensively. These are economic activities which have an effect on climate change mitigation and adaptation.

On the other hand, transition solutions are technologies from Allianz’s Statement on Renewable/Low-Carbon Energy.

However, its net-zero commitment and targets are not applicable to assets managed by third parties.