Partnership between United Nations Environment and the global financial sector to promote sustainable finance
Net-Zero Insurance Alliance Convened by UNEP FI’s Principles for Sustainable Insurance
Net-Zero Insurance Alliance
The UN-convened Net-Zero Insurance Alliance (NZIA) brings together eight of the world’s leading insurers and reinsurers to play their part in accelerating the transition to net-zero emissions economies. They are committing to individually transition their underwriting portfolios to net-zero greenhouse gas (GHG) emissions by 2050, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100.
As risk managers, insurers and investors, the insurance industry has a key role in supporting the transition to a net-zero economy. NZIA members will individually set science-based intermediate targets every five years and independently report on their progress publicly on an annual basis.
The NZIA will build on the pioneering work that the founding signatories have already begun as investors through their membership of the Net-Zero Asset Owner Alliance where all eight NZIA founding members are already individually setting science-based 2025 decarbonisation targets for their respective investment portfolios in line with a net-zero transition pathway.
The founding members of the NZIA are: AXA (Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re, and Zurich. It is convened by the UN Environment Programme Finance Initiative and chaired by AXA’s Group Chief Risk Officer, Renaud Guidée.
About the Glasgow Financial Alliance for Net-Zero (GFANZ) GFANZ is a strategic forum bringing together the leading net-zero initiatives across the financial sector, and is chaired by Mark Carney, UN Special Envoy on Climate Action and Finance. GFANZ is the place where the financial sector meets to accelerate the transition of finance and the global economy to net-zero emissions by 2050 at the latest. GFANZ includes the following alliances: UN-convened Net-Zero Banking Alliance | UN-convened Net-Zero Asset Owner Alliance | Net Zero Asset Manager Initiative
Thomas Buberl, Group CEO
AXA Group (chairs the NZIA)
“Through the Net-Zero Asset Owner Alliance launched in 2019, insurers and reinsurers are already working towards decarbonising their investment portfolios in line with climate science and the Paris Agreement. With this new Net-Zero Insurance Alliance, we are raising our climate ambition further by using our underwriting, claims, and risk management practices to help ensure and enable the transition to a resilient net-zero global economy.”
Bank of America
Oliver Bäte, CEO
“As a founding member of this strong network, Allianz strives to accelerate the urgently needed transformation to a 1.5-degree economy. We are pleased to bring in our expertise and join forces to extend the net-zero ambition to the entire insurance market.”
Amanda Blanc, Group CEO
“Our whole economy depends on insurance, so a net-zero insurance industry is a fundamental part of helping shift the economy towards protecting the planet. Aviva is proud to be a founding member of this Alliance as part of our own ambition to be net zero by 2040. It takes partnerships like these to tackle the big challenges facing us to build a sustainable future for everyone.”
Philippe Donnet, Group CEO
“At Generali, we want to actively support a fair and inclusive transition to a net-zero emissions economy. The UN-convened Net-Zero Insurance Alliance allows us to join forces with institutions and our peers which share this commitment to achieve a greater and longer-lasting impact. United we are stronger!”
Dr. Joachim Wenning, Chairman of the Board of Management
“Munich Re has set ambitious climate targets in 2020 that include the liability side of our business. Being a founding member of the Net-Zero Insurance Alliance underlines our climate commitment. As a leading global re- and primary insurer we will continue to support the transition to net zero through our pioneering risk solutions and pursuing science-based decarbonisation targets.”
Laurent Rousseau, CEO
"Collective action is the only way we can address the grand challenge of our time: climate change. SCOR is proud to be a founding member of the NZIA, working alongside other industry leaders to support the transformational changes that are critical to society. In doing so, we commit to accelerating the race to net zero and furthering our long-term mission."
Christian Mumenthaler, Group CEO
"By co-founding the Net-Zero Insurance Alliance, Swiss Re can work with other reinsurers and insurers to build on its commitment to transition to a low-carbon economy, through its underwriting expertise. We see sustainability as a long-term value driver and the NZIA is an important and logical next step in the race to net zero."
Mario Greco, Group CEO
Zurich Insurance Group
“Net-zero underwriting is a critical step and furthers Zurich’s climate efforts beyond our own operations and investments. It reinforces our deep commitment to continue to engage with our customers to deliver solutions as we navigate together the transition to a low-carbon world, benefiting future generations.”