We launched an internal carbon fund in 2021 to support emission-reduction initiatives across the Zurich Insurance Group (Zurich). The value of the fund is calculated by applying an internal price on carbon against the latest audited annual Group operational emissions.¹ In 2023, the internal price on carbon was USD 50. The goal is to empower employees to bring forward emission-reduction ideas related to our own emissions, those of customers, suppliers or employees. The fund demonstrates value by helping to de-risk adoption of new ideas by supporting pilot phases or projects that may have longer pay-back periods. The fund is also helping us to progress toward net-zero operations with carbon removal projects. It is also the source of funding for Zurich’s carbon neutrality.

¹ Cover-More, Farmers Group, Inc. and its subsidiaries, joint ventures and third-party vendors are out of scope.

As part of extending our lease at this office, we agreed some significant improvements to the environmental performance and sustainability features with the landlord.

The building's energy performance was improved through the removal of gas, meaning the building now runs purely on 100 percent renewable electricity, energy sub meters were installed, and sensor activated LED lighting was put in, all resulting in a 'B' Energy Performance Certificate (EPC) rating (up from 'E' prior to the works).

EV charging capacity is increasing from two to sixteen, after the rollout of a further seven dual charger units - part of supporting the electrification of our fleet and more sustainable methods of commuting.

We were also able to secure green lease terms with the landlord as part of the lease renewal. This includes agreements on energy data reporting, sourcing 100 percent renewable electricity for the building, prohibition of any works to the building that would negatively impact its environmental performance, and cooperation on managing the sustainability of the building. The building is also expected to be accredited with a BREEAM 'good' rating.

Finally, we installed new waste bins and signage as part of an ongoing UK wide project to reduce waste and improve our recycling rates - aptly named 'a load of rubbish'. We ran a workshop with a group of stakeholders from across the UK business, conducted bin dives to establish what was going in our waste, agreed internal targets, and rolled out the new bins and signage at Whiteley as part of an initial trial to create clarity and consistency across our UK estate with the aim of improving recycling rates.

One of the goals of the refurbishment of Zurich Portugal’s head office, in Lisbon, was to create a greater focus on sustainable mobility, which they achieved by installing 61 electric vehicle charging points.

Since the project started in June 2023, almost 10.000 kWh have been consumed by mainly hybrid plug-in vehicles. The charging points have been welcomed by the employees as they can charge their cars for free.

Between 2019 and the end of 2022, Zurich Chile reduced operational emissions from their car fleet by approximately 60 percent. Wanting to do more, they began replacing their existing fleet with hybrid vehicles, starting with six in 2022 and continued in 2023, when another ten hybrid vehicles and one fully electric vehicle were acquired. The Zurich Insurance Group aims to reach a 100 percent electric fleet by 2029.

Ensuring that the infrastructure supports the transition to electric, charging points are being installed in the parking lots of the headquarters’ building.

In 2022, Zurich implemented a Sustainable Food Program across all of its full-service restaurants, in alignment with the Group’s commitment to a 1.5˚C future. With this program, we aim to provide food that is tasty, healthy and sustainable.

These three principles were applied across sustainable sourcing, menu design, packing and materials, food waste, and education and awareness. Zurich established guidelines for suppliers servicing our full-scale premises restaurants to address the sustainability of our food offering and enhance employee experience.

To enhance this program and to help ensure that everyone can enjoy sustainable food, Zurich is implementing a Food Lite program. The Food Lite program aims to provide all employees with an understanding of how to make food choices with lower environmental impacts and positive impacts on their personal wellbeing.