Climate Transition Plan
Enabling the transition needs to be a priority for every business.
We are supporting the net-zero transition while helping make society more resilient, so that together, we can build a better future for the next generations.
Why it matters to us
The effects of climate change are all around us. The record-breaking heatwaves, floods, droughts, and wildfires we have witnessed in recent years are expected to become even more frequent and severe in the next years. As a global insurer, tackling the causes of climate change and building resilience to its effects are very important to us.
Our Role in the Climate Transition
Climate change presents a dual imperative. The world must rapidly reach net-zero emissions to avoid the most damaging impacts and simultaneously build greater resilience against the physical hazards which will continue to grow even as we transition. Insurers are fundamental to answering this challenge:
As risk managers, we help customers to understand, prevent and reduce climate-related risks.
As risk carriers, we protect households, companies and communities by absorbing the financial shocks from increasingly extreme weather.
As institutional investors, we finance the transition of companies and scaling capital towards climate solutions.
The Four Pillars of our Transition Plan
For more than 150 years, we have protected individuals and organizations against risk so they can invest in the future with confidence. Today, this includes supporting our customers and investee companies to succeed in the transition to net-zero. We believe a successful transition will support our business.
Climate hazards are likely to intensify for decades to come, even if the world reaches net-zero by 2050. So, we are using our expertise to help more companies, cities and communities better understand, prevent and reduce risks before they materialize, while also supporting them to build back better after loss and damage.
Our net-zero ambition is dependent on the transition of the real-world economy and an effective public policy framework. That’s why we want to put our data, expertise and global network to use in shaping and advocating for policies that can help achieve a just, resilient and economically successful transition.
We are continuing to decarbonize our own operations and supply chain. We are investing in our people and fostering a culture of learning so that our organization evolves with our ambition. This enables our employees to engage with customers, suppliers and the companies we invest in on their transition journey.
How we’re helping to build climate resilience
Building climate resilience will be critical to economic success and social wellbeing throughout the transition, ensuring communities are protected; factories and farms continue operating, and supply chains keep flowing. Therefore, we will:
- Further integrate resilience insights into our insurance business with an emphasis on risk reduction and mitigation
- Grow our specialized risk advisory business to help our customers understand, anticipate and adapt to future climate risks.
- Collaborate beyond our business to support the communities we operate in, by leveraging our skills and expertise and raising awareness of the importance of adaptation and resilience.
