How does MAPFRE contribute to the objectives of the Leaders Summit on Climate?
Last week, 40 world leaders participated in the Leaders Summit on Climate, a virtual conference organized by Joe Biden to drive forward efforts to reduce emissions and to combat climate change. MAPFRE shares these aims and remains dedicated to the decarbonization of the economy and promoting the circular economy as part of its commitment to sustainability. One more example of #PlayingOurPart.
The main objective of the Leaders Summit on Climate, held last week, was to urge all 40 participating countries to rekindle the ambitious plan signed as part of the Paris Agreement in 2016 to reduce carbon emissions as much as possible. The 40 countries that participated in last week’s event—Spain being among them—account for 80 percent of the world’s emissions. The summit also served as a framework to call on other regions to make their own commitments to reduce greenhouse gas emissions.
The meeting was held in the run-up to the COP26 conference to be held this coming November. The event highlighted that, although the measures taken so far represent a step in the right direction, more action is needed and leaders around the world must devise more ambitious climate action plans.
What does MAPFRE’s commitment involve?
For years, the company has been fully committed to the decarbonization of the economy, a key part of its commitment to sustainable development.
MAPFRE’s Sustainability Plan 2019–2021 includes specific objectives to protect the environment and to curb the effects of climate change. Among these, MAPFRE aims to be a carbon-neutral company by 2030. To achieve this, it is implementing a number of key measures to reduce greenhouse gas emissions. Spain and Portugal in particular will reach carbon neutrality this year, which will technically offset 61 percent of the MAPFRE Group’s global greenhouse gas emissions.
MAPFRE is also working to comprehensively strengthen its environmental, social and governance risk analysis models, both as a business and as an investor. This is part of MAPFRE’s public commitment not to invest in companies that derive 30 percent or more of their revenue from coal-produced energy, and not to insure the construction of new coal-fired power stations or the operation of new mines.
The Group recently tightened its underwriting policy, with measures aimed at not insuring the construction of new infrastructure connected with coal mines or thermal power plants, as well as not underwriting new risks linked to tar (or oil) sands, or to projects linked to oil or gas in the Arctic.
MAPFRE is currently working on a new Corporate Environmental Footprint Plan. It successfully completed its previous one, through which the company managed to cut emissions by 56 percent — almost triple the expected reduction.
What concrete actions does MAPFRE contribute to the effort to decarbonize the economy and reduce the effects of climate change? To name a few, the company is:
- Implementing eco-efficiency measures in its buildings to save energy, water and paper.
- Investing in 100 percent renewable energy.
- Promoting sustainable mobility among employees and clients.
- Helping small and medium-sized enterprises calculate their carbon footprint.
- Committing to waste reduction and recycling, having begun its journey toward Zero Waste at its head office.
- Developing specific insurance products for hybrid and electric vehicles.
- Raising awareness about caring for the planet among stakeholders.