In a Press launch, the reinsurer confused that it’s sticking to its bold local weather targets, together with the discount of GHG emissions associated to its funding portfolio by 29% by the tip of 2025, and thereafter successively introduced all the way down to web zero by 2050.
As well as, Munich Re famous its ambition to scale back its climate-related business publicity to the exploration and manufacturing of oil and pure fuel (major insurance coverage, direct and facultative reinsurance) in such a method that there shall be no related web GHG emissions by 2050. The reinsurer’s first step shall be to purpose to scale back emissions by 5% by 2025.
As of April 2023, Munich Re has acknowledged that it’ll not insure initiatives involving new oil and fuel fields or new midstream oil infrastructure. On the identical time, it should cut back thermal-coal-related publicity in its direct and facultative insurance coverage enterprise by 35% Group-wide by 2025 – earlier than eliminating this publicity altogether by 2040. The reinsurer additionally famous that since 2018, it has stopped insuring new coal-fired crops, coal mines and since, 2019 oil sand mines.
In the meantime, concerning the emissions from its personal operations, Munich Re highlighted that it has been carbon-neutral since 2015 and beforehand lowered CO2 emissions per worker by 44% from 2009 to 2019. Present GHG emissions are to be lowered by an extra 12% per worker by 2025. By 2030, Munich Re expects to attain net-zero GHG emissions in its operations.
“Our local weather dedication is unwavering,” Wenning stated. “We observe scientific suggestions. Up to now we’re decarbonizing even sooner than what’s required to succeed in web zero by 2050.”
What are your ideas on this story? Be at liberty to share them within the remark field beneath.
