Financial services provider Allianz has brought forward its net zero target from 2050 to 2030.
This is for all its sites and activities within 70 markets, with a further pledge that from January next year, the company will no longer invest in oil and gas selected risks or businesses that promote fossil fuels in the Arctic, Antarctic or sub-sea.
It has stated that by 2025, it will require ‘net zero by 2050’ commitments from all hydrocarbon producers to receive any investment or insurance services.
Günther Thallinger, Member of the Board of Management of Allianz, said: “Policymakers must now work together with the business community to define conditions that enable planning and in addition enable the acceleration of renewables globally.
“We should not lose sight of the serious consequences of climate change. With these new guidelines, Allianz is strengthening its promise to contribute to an orderly decarbonisation of the economy.”