ILC ARTICLE

NZIA sets timeline for science-based targets

23rd January 2023

Members of the Net Zero Insurance Alliance (NZIA) have until 31 July to set and disclose their science-based targets after the Alliance launched its first sustainability protocol at the World Economic Forum’s Annual Meeting in Davos, Switzerland.

The Protocol signals the move from commitment to implementation and outlines five target areas within three categories, two within emissions reduction, two within engagement, and one within transition. Members must set at least one of the five targets by the end of this July, and at least one in each category by the  end of next July.

Renaud Guidée, NZIA Chair and Group Chief Risk Officer at AXA, said, “The NZIA’s first Target-Setting Protocol is a landmark breakthrough. For the first time ever, insurance and reinsurance companies among the largest globally have built a framework and measurement tools to assess the impact of their activities on climate change. The NZIA’s Target-Setting Protocol will serve as a catalyst to set unprecedented and ambitious targets towards net zero.”

The NZIA was launched at the 2021 G20 Climate Summit in Venice by eight of the world’s leading insurers and reinsurers and has now grown to 29 members.