How we’re inspiring action on climate change.
We’re using our expertise to inspire action on climate change though our supply chains, our research, our work with policymakers and by providing tools to help reduce the impacts of climate change.
Climate Neutral Now
In 2016, ten years on from becoming the first global insurance group to offset its entire operational emissions, Aviva has also become the first insurance company to declare climate neutrality in collaboration with the UN’s Climate Neutral Now campaign. We've worked closely with climate and development experts ClimateCare to deliver a carbon offset programme that has a wider environmental and social impact than just carbon reduction.
Our offsetting projects have improved the health and lives of more than a million people globally since 2012, through actions like provision of clean cook-stoves in Kenya. This year we were also awarded the United Nations Momentum for Change award in recognition of a decade of work reducing our environmental impact and helping inspire action on climate change.
The road to action
We collaborate on research and action to better understand, manage and disclose the risk of climate change. For example:
- In the follow-up report to 'The cost of inaction: Recognising the value at risk from climate change' which Aviva also sponsored, in 'The Road to Action' report the Economist Intelligence Unit review the challenges of reporting on the financial impact of climate change. They also investigate the roles that ten very different financial institutions could or do play in supporting this disclosure and how the process might be embedded into the UN Sustainable Development Goals.
- In November 2016, Aviva released the Beyond the Tragedy of Horizons Report to coincide with COP22, giving our perspective on climate risk management and setting out suggested actions for investors and wider society.
Incorporating climate risk in our French market
Aviva France has been developing its understanding of the best way to incorporate climate risk into the business and in 2017 published its first ESG and Climate report in line with the requirements of the French law for energy transition and green growth. As part of this exercise, Aviva France evidenced how it, through its asset manager - Aviva Investors France, incorporates ESG requirements into its investment process, considers ESG and climate change related issues in its governance process and manages climate change related risks (i.e. physical, transition and legal risks) impacting its investments. The report also covers how Aviva France aims to align its investment strategy to the UN COP 21 goal of limiting climate warming to 2 degrees compared to a pre-industrial world.
Global Real Estate Sustainability Benchmark (GRESB)
Now in its eight year, in 2017 the Global Real Estate Sustainability Benchmark (GRESB) assessed 850 real estate portfolios, jointly representing more than USD 3.7 trillion in assets under management, as well as more than 200 infrastructure assets and funds. In 2017, Aviva Investors improved overall GRESB scores for all 19 fund submitted funds, and were awarded seven Green Stars in total (up from five in 2016).
We use this analysis to better understand the sustainability impact and risks associated with key real estate funds for both direct and indirect real estate investments.
Aviva’s Climate-related Financial Disclosure
Find out more about our approach to Climate-related Financial Disclosure here.