Zurich becomes the first insurer to sign up to the UN business pledge to limit global temperature rise and announces that it will use only renewable energy by 2022. In the long term, it will stop underwriting or investing coal-intense companies.
Zurich Insurance is going greener: the global insurance group announced that it has become the first insurer to sign up to the UN Global Compact Business Ambition for 1.5°C Pledge aimed at limiting average global temperature rise to 1.5°C above pre-industrial levels by 2030.
To help achieve this, Zurich has committed to use 100 per cent renewable power in all global operations by the end of 2022. It is also taking action to eliminate single-use plastics and reduce internal paper usage by 80 per cent.
As part of the pledge, Zurich is also updating its position on some of the most carbon-intense fossil fuels and will engage with clients over a 2-year period to reduce their dependency on thermal coal, oil sands and oil shades.
In the long term, it will go on step further and stop underwriting or investing in companies that generate more than 30 per cent of their revenue from mining thermal coal or generate more than 30 per cent of their electricity from coal.
“As one of the world’s leading insurers we see first-hand the devastation natural disasters inflict on people and communities. This is why we are accelerating action to reduce climate risks by driving changes in how companies and people behave and support those most impacted,” said Mario Greco, CEO Zurich Insurance Group.
“It is simply the right thing to do.”
Zurich began instituting environmental, social and governance (ESG) considerations into its core business practices in 2012, and it became carbon neutral in 2014.
Image credit: www. zuerich.com