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Insurance companies announce net zero alliance

Tue 13 Jul 2021 | 11:50 am GMT
Michelle Urquhart | Products of Change Writer

NZIA is committed to reduce to zero the net emissions from its insurance and reinsurance underwriting portfolios by 2050. IMAGE: Image by Sebastian Ganso from Pixabay

Eight of the world’s leading insurers and reinsurers - AXA, Generali, Allianz, Aviva, Munich Re, SCOR, Swiss Re and Zurich Insurance Group - have made a commitment to play their part in accelerating the transition to a global net-zero emission economy. Generali Group CEO Philippe Donnet presented the commitment of the insurance industry as the ambassador of the newly formed Net-Zero Insurance Alliance (NZIA) at the G20 Climate Summit in Venice on 11 July. The companies that have established the NZIA have committed to reduce to zero the net emissions from their insurance and reinsurance underwriting portfolios by 2050, consistent with a global temperature rise of 1.5°C above pre-industrial levels. Each member will individually set science-based intermediate targets every five years and independently report on their progress publicly and annually to contribute to achieving the goals of the Paris Climate Agreement. Philippe Donnet commented: “Generali wants to actively support a just and inclusive transition to a net-zero emissions economy. The UN-Convened Net-Zero Insurance Alliance allows us to join forces with institutions and peers within our sector who share this common goal of achieving a significant and longer-lasting impact. United we are stronger. I am proud to present this initiative on behalf of the Alliance in the city of Venice in front of leaders from the most important economies in the world.”
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