UN Net-Zero Insurance Alliance launches targets for first ‘towards net-zero’ plan
The Net-Zero Insurance Alliance (NZIA), initiated by the United Nations and the international insurance industry, yesterday launched the Alliance’s first Target-Setting Protocol (TSP) at the annual meeting of the World Economic Forum. An important milestone 18 months after the Alliance was founded. The protocol – the first of its kind for the global insurance industry – assists member (re)insurers in setting their first intermediate net zero targets with a target year of no later than 2030. a.s.r. signed the NZIA in December 2021 and was one of those involved in drawing up the TSP.
The Net-Zero Insurance Alliance initiated by the UN and the international insurance industry (established in July 2021) brings together the world’s largest insurers and reinsurers to contribute to accelerating the transition to net-zero emission economies. They commit to transform their individual insurance portfolios to zero emissions by 2050, which corresponds to a maximum temperature increase by 2100 of 1.5 °C above pre-industrial levels.
The launch of the protocol marks an important milestone, following the establishment of the Alliance at the 2021 G20 Climate Summit in Venice by eight of the world’s leading insurers and reinsurers. Since then, the Alliance has grown to 29 members representing approximately 15% of the world premium. a.s.r. signed the Net-Zero Insurance Alliance in December 2021.
The protocol outlines five targets within three target categories: 1) reducing emissions in the insurance portfolio, 2) helping customers in their transition to climate neutral and 3) contributing to the transition to a climate neutral economy through insurance solutions (‘insuring the transition’). NZIA members will be required to establish at least one of the five targets by July 2023 and at least one target in each of the three target categories by July 2024. For a.s.r., this means that in mid-2023 we will publish a plan outlining how the obligations from the TSP have been translated into our insurance portfolio.
The next version of the protocol will be published at the end of 2024. NZIA is working with the Science Based Target Initiative (SBTi) to develop a science-based approach to the targets for (re)insurance portfolios.
Jos Baeten, CEO at a.s.r.: ‘The methodologies developed by the NZIA over the past 18 months, as well as the Target-Setting Protocol that was announced yesterday, are essential to enable us to take the next step in complying with the promise we have made by signing the NZIA commitment: reducing the footprint of our insurance associated emissions towards net-zero by 2050. The methodologies make it possible to measure insured emissions. In addition, the Protocol provides guidance in setting our targets. With the almost 30 international (re)insurers that have made the commitment to the NZIA, we will each work towards an emission-neutral economy from our own portfolio.’
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