(Reuters) – The British insurance company Aviva plans to become a net carbon dioxide company by 2040, it said on Monday, claiming that this was the most demanding target set by all major insurers worldwide.
Following the Paris Agreement on Climate Change 2015, many countries and companies aim for zero carbon dioxide emissions by 2050, to limit global warming to 1.5 degrees Celsius above pre-industrial standards.
The insurer plans to reach zero emissions from zero from its investments in 2040 and net zero from its own operations and supply chain by 2030.
"For the world to reach zero, it will take leadership and radical ambitions," says Avivas CEO Amanda Blanc in a statement. investments and exchanges for renewable electricity in their offices and for electric or hybrid vehicles in their motor fleet.
At the end of the year, Aviva will stop taking out insurance for companies that make up more than 5% of their space from coal or "unconventional" fossil fuels such as shale gas, unless they have signed up for the Science Based Targets initiative, a NGO-led group that signs companies' climate plans.
Aviva also plans to divest from such companies. by the end of 2022, unless they register for the initiative.
Lucie Pinson, director of the NGO group Reclaim Finance, however, said that the proposals did not go far enough.
"If Aviva wants its net zero target to have teeth, it must immediately exclude all investment and coverage in companies developing new coal and fossil fuel projects," she says. To accelerate the fight against global warming.
Aviva is one of more than 30 members of the UN-convened Net-Zero Asset Owner Alliance, which also includes European insurance companies Allianz, Axa, Generali and Zurich. Elsewhere, the New York State Pension Fund also pledged in December to transfer its investments to net zero by 2040, making it the first U.S. pension fund to set the target by that date.