SUSTAINABILITY | 11.01.2023
MAPFRE joins the Net Zero Asset Owner Alliance
- The insurance company takes another step forward in its decarbonization strategy and positions itself as a relevant player in the fight against climate change.
- Signing on to the NZAOA means that it will set concrete emission reduction objectives for 2023 and report on progress made.
- Launched by the United Nations, this alliance is currently made up of 83 institutional investors, representing US$ 11 trillion in assets under management.
MAPFRE has signed on to the UN-convened Net Zero Asset Owner Alliance with the aim of transitioning its investment portfolios to net Zero Greenhouse Gas (GHG) emissions and becoming a Net Zero (NZ) company by 2050.
By signing on to this initiative, MAPFRE pledges to establish individual targets that must be reached concerning the emissions of its investment portfolio, and to regularly report on progress made. Highlights among the challenges set out by the Alliance include specific targets for customers with high emissions, along with other so-called “financing transition” targets that aim to promote investment in climate solutions that contribute to the energy transition.
“It’s another step forward in our commitment to accelerating the energy transition and making progress on the fight against climate change,” highlighted MAPFRE CEO Antonio Huertas, who reiterated the company’s environmental objective of helping decarbonize the planet. Huertas also indicated MAPFRE’s intent to “continue adding to the demand for sustainability firmly and progressively, with concrete objectives that contribute to reducing the greenhouse gas emissions of the multinational’s insurance and reinsurance portfolio, and that enable the company to accompany society through a fair transition;” that is, “to help and guide companies so that they can transform and continue generating wealth in a way that is increasingly environmentally friendly.”
By signing on to this new alliance, MAPFRE reinforces its commitment to decarbonization. In April 2022, the company announced it was signing on to the Net-Zero Insurance Alliance (NZIA) with the objective of achieving greenhouse emission neutrality by 2050 in its insurance and reinsurance portfolios. In 2022, it developed its own tool for the Group’s asset manager to analyze and assess the risks associated with climate change in its investments. This enabled the company to contribute to the reduction of more than a million tons of CO2 emissions associated with its investments.
The insurance group includes joining the Net Zero Asset Owner Alliance in its Sustainability Plan 2022-2024, with which it aims to make progress on strategic objectives such as rating 90% of its investment portfolio with ESG criteria at the global level by 2024, as well as neutralizing the company’s carbon footprint by 2030, and not investing or insuring carbon, gas, or oil companies that don’t have an energy transition plan. All of these targets reflect the company’s ambition to take an active role in the necessary and urgent transformation towards a low-carbon economy.
The Alliance, convened by the United Nations Environment Programme Finance Initiative (UNEP FI) and the Principals for Responsible Investment (PRI), is currently made up of a total of 83 institutional investors, representing US$ 11 trillion in assets under management.
For more information: www.mapfre.com/en/sustainability/