Allianz has published its first comprehensive net-zero transition plan, outlining its commitment to achieve net-zero emissions by 2050 in its proprietary investment and P/C underwriting portfolios, and by 2030 within its own operations.

The Allianz transition plan includes a commitment to achieve 150% profitable growth in revenues from renewable energy and low-carbon technology solutions in the commercial insurance segment by 2030 compared with that of 2022.

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 plans to support the ramping up of renewable energy by investing an additional E20bn in climate and cleantech solutions in line with the EU sustainability regulation. This builds upon Allianz’s previous investments in green energy infrastructure, including wind and solar farms, green hydrogen or green ammonia.

“With extreme weather events, this summer has reinforced the urgency to act on climate change. Governments, businesses and individuals must work together to build resilience and limit global warming to 1.5°C,” said Oliver Bäte, CEO of Allianz. “Therefore, at Allianz, we are committed to delivering on our own net-zero targets, as well as partnering with our clients and investee companies in their transition. We believe our intermediate targets will help us realise our growth potential and contribute to a healthier, more secure future for everyone,”

In recent years, Allianz has lowered GHG emissions in its own business operations as well as in its proprietary investments and insurance portfolios, including establishing guidelines for high-emitting sectors, such as coal, oil and gas.

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