Allianz goes for 100% renewables
Posted on: 25 January 2019
In May 2018, the Allianz Group committed to reducing its carbon footprint with a long-term goal in line with climate science. As part of our climate change strategy, we are investing in renewable energy assets. In total, we have financed 5.6 billion Euro with debt and equity investments, this includes 81 wind and solar farms (as of 31 December, 2017). Also, we provide high-level expertise in insuring renewable energy projects.
Now, as another step on our way to tackle the risks of climate change, we have decided to join the RE100 initiative, led by the global initiative The Climate Group. We have committed ourselves to source 100% of our global electricity needs from renewable sources by no later than 2023. Relying on wind, water and solar power is the strongest lever to minimize carbon emissions from our operations. With shifting from fossil fuels to renewables, Allianz is joining forces with over 150 companies and is setting another mark on its way to drive the low-carbon economy.
Our goal is to source 100 percent of our global electricity needs from renewable sources by 2023.
In scope is all electricity all entities of Allianz Group need for the office buildings and data centers we use for our operations.
As an insurer, we are exposed to climate change in two ways: through policies covering damage caused by natural disasters and as large-scale institutional investors with significant stake in affected economies.
In 2018, we committed to reducing our carbon footprint long-term in line with climate science. As part of our climate change strategy, we are investing in and insuring renewable energy. Therefore, switching to 100 percent renewable electricity for our operations is a logical extension.
As an international business with operations in over 70 countries, we are aware that we will not find readily available renewable power supply in all these countries. To overcome this, we will use collaboration and good practice exchange with peers and other stakeholders.
Most material emissions from our own operations are due to energy consumption, business travel and the use of paper. To focus our efforts, we have committed to reducing carbon emissions by 30 percent per employee by 2020, against a 2010 baseline.