MAPFRE to reduce emissions in Group investment portfolio by 43% by 2030
It announced new decarbonization targets as part of the Net Zero Asset Owners Alliance (NZAOA)
Today, MAPFRE unveiled its individual targets for reducing greenhouse gas emissions, which were initially pledged exactly a year ago in January 2023 upon joining the Net Zero Asset Owners Alliance (NZAOA).
MAPFRE became a part of this alliance, founded in 2019 by the United Nations Environment Programme Finance Initiative (UNEP FI), to facilitate the transition of its investment portfolios towards net greenhouse gas emissions and to attain Net Zero (NZ) status by 2050. The NZAOA currently includes 87 institutional investors. 69 of these investors have already established individual commitments to reduce CO2 emissions.
One notable objective is MAPFRE’s commitment to reducing the intensity of greenhouse gas (scope 1 and 2) emissions (TonCO2e/million euros invested) by 43% in the Group’s investment portfolio (comprising corporate fixed income and equities) by 2030, using 2022 as the baseline year.
Furthermore, MAPFRE will boost investments in solutions facilitating the transition to a low-carbon economy, exemplified by the MAPFRE Renewable Energies II Fund, FCR. This pioneering European project, recently launched, focuses on biomethane investments. Beyond mitigating environmental impact, it actively contributes to improving social and environmental conditions in the communities it invests in.
The third objective is to engage in active dialogue with a minimum of 20 major CO2e emitters within MAPFRE’s investment portfolio, encompassing listed equities and issuers of corporate bonds. This commitment also entails active involvement in consultative working groups focused on the Alliance’s financial transition and the working group set up to foster engagement.
Through its participation in this new alliance, MAPFRE reinforces its dedication to decarbonization, taking strides in the fight against climate change and elevating sustainability standards. This commitment is underscored by specific initiatives aimed at reducing greenhouse gas emissions within the multinational’s investment portfolio.
The Sustainability Plan 2022-2024 outlines strategic objectives, such as rating 90% of its global investment portfolio ESG criteria by 2024. Furthermore, the plan aims to achieve carbon neutrality for the company by 2030 and commits to not investing in or insuring coal, gas, and oil companies without an energy transition plan.
For more information: www.mapfre.com/en/sustainability/