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MAPFRE, one of the most substantial companies in the insurance sector, has taken its zero-carbon strategy one step further and joined the Net-Zero Asset Owner Alliance. Pioneering combating climate change has become an essential player in the group, which was created by the UN net-zero Asset owner alliance (NZAOA) within the scope of combating climate change and will begin reporting regularly on stages recorded. MAPFRE had previously committed to making its carbon footprint neutral in 8 countries by 2024, across the Group by 2030, and greenhouse gas neutral by 2050.
MAPFRE continues to increase its ambitious commitments to sustainability and combating climate change. MAPFRE, which joined the Net-Zero Emission Insurance Alliance (NZIA) in 2022, has recently joined the Net-Zero Asset Owner Alliance (NZAOA). The Group will set concrete targets for reducing the investment portfolio emissions for the year 2023 and will regularly report on its progress in these targets.
The Net-Zero Asset Owner Alliance (NZAOA) was created to encourage companies to set specific targets for customers with high emission rates. In this context, “financing transformation” targets are determined for companies to promote investments in solutions that contribute to energy transformation. Established in 2019 by the United Nations Environment Programme Finance Initiative (UNEP FI), the Alliance consists of 74 institutional investors representing $10.6 trillion in managed assets.
Antonio Huertas: ‘We are expanding the scope of our fight against climate change.’
MAPFRE CEO Antonio Huertas said: “We have set our environmental targets to prepare our planet for a carbon-zero future. Participation in the Alliance is an important development in line with our goals of accelerating energy transformation and making progress in combating climate change. MAPFRE is a multinational company, and we are leading a fair transformation by contributing to reducing greenhouse gas emissions in our insurance and reinsurance portfolio. We are moving the sustainability steps forward decisively and gradually by setting concrete goals. Our goal is to guide the companies in our portfolio in their green transformation processes.”
MAPFRE leads the energy transformation
By joining this new alliance, MAPFRE has re-emphasized its commitment to decarbonization. In 2022, the Group developed its system for analyzing and evaluating the risks related to climate change in its investments. This allowed the company to contribute to reducing CO2 emissions in the amount of more than one million tons in connection with its assets.
Within the 2022-2024 Sustainability Plan framework, MAPFRE Group will also ensure that its global investment portfolio is rated on ESG (Environmental, Social, Governance) criteria by 2024. Furthermore, MAPFRE Group will also continue to take new steps towards its strategic goals, such as not investing in fossil fuel companies that do not have an energy conversion plan or not providing insurance services, in addition to its carbon footprint by 2030 and greenhouse gas neutrality by 2050. With all these goals, MAPFRE will take an active role in transitioning to a low-carbon economy and energy transformation. |
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