Allianz has committed to making all its investments climate-neutral by the year 2050 — 31 years from now. At the insurer’s AGM last week in Munich, Allianz’s group chief executive Oliver Bate said the 2050 goal was a sign of the firm’s “commitment to society” and that it would stop investing in firms contributing to global warming. Bate told shareholders: “As a leading insurer and investor, we know exactly what the devastating consequences could be when climate policy is exhausted in debates, yet no action follows.” The firm has long cited climate change as a rising risk for the businesses and personal customers it insures. Bate has said previously: “Climate change generates enormous economic and social risks. It is already harming millions of people today. As a leading insurer and investor, we want to promote the transition to a climate-friendly economy.” The insurer controls around €670 billion (US$753 billion) of assets it can invest. So called ESG — environment, social and governance investments — have been becoming more popular in recent years for both insurers and reinsurers. Bate added that the company would make Allianz’s extensive global operations, across 70 countries, climate-neutral by 2023. Allianz has already pledged to stop selling insurance to coal companies and then phase out all coal risks by 2040. The world is facing a worrying future as land and sea temperatures rise, causing stronger storms, larger payouts and huge costs to governments, businesses, insurers and reinsurers. Many more senior people are urging rapid action to address the crisis and bold initiatives are becoming increasingly welcome by investors. For more on greening insurance see here.
Global insurer Allianz has pledged to make 100 % of its investments carbon - neutral by 2050 , in a statement its CEO Oliver Bate called a " commitment to society " . The decision to stop investing in companies that contribute to global warming was announced at the firm 's recent meeting in Munich . The insurer 's € 670bn ( $ 2020 ) of investable assets will instead be put towards environmental , social and economic objectives . Allianz also confirmed plans to make its global operations , which span 70 countries , climate - neutral by 2020 .