11 March 2021
The UN-convened Net-Zero Asset Owner Alliance welcomes Germany’s insurance industry association GDV as a supporting partner – the first insurance industry association to become a supporter of the Alliance.
GDV will be in a strong position to support better science and knowledge in measuring climate change impacts on business activities.
Chair of the Net-Zero Asset Owner Alliance and Allianz board member Guenther Thallinger said: “It is vital that industry associations in the financial sector use their influence to secure a net-zero emissions future and we salute the leadership of GDV.”
“As the UN-convened net-Zero Asset Owner Alliance expands its membership, our work with industry associations such as GDV will become increasingly important as we start to push for real economic change,” said Thallinger.
GDV CEO Jörg Asmussen said: “This makes us part of a network of the world’s largest capital investors who want to reduce the CO2 emissions of their investment portfolios to net zero by the middle of the century by following science.
“This initiative is unprecedented in the financial sector. We are serious and want to contribute to a climate-neutral economy. We can only fight climate change effectively on a global level. With our support of the Net-Zero Asset Owner Alliance, we want to make it possible for our members to participate – regardless of their size,” said Asmussen.
GDV said with this step it is continuing to implement actively the sustainability positioning that the GDV Executive Committee adopted at the beginning of the year. In addition, the business processes of German insurers, such as offices and vehicle fleets, are to be climate-neutral by the end of 2025. Sustainability criteria will also be integrated into the underwriting guidelines. In the long term, insurers no longer want to underwrite commercial and industrial risks that minimize the transformation process towards a sustainable and climate-neutral economy.
About the UN-convened Net-Zero Asset Owner Alliance
The UN-convened Net Zero Asset Owner Alliance is a PRI- and UNEP FI-supported initiative. Its 34 members have committed to transitioning their investment portfolios to net-zero emissions by 2050 consistent with a maximum temperature rise of 1.5°C above pre-industrial level and to establishing interim targets every five years.
The Berlin-based German Insurance Association (GDV) is the federation of private insurers in Germany. About 460 member companies offer comprehensive coverage and retirement provisions to private households, trade, industry and public institutions.