Climate risks

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 2018 published its second 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)

In 2018, GRESB assessed the performance of our 18 property funds and Aviva Investors has achieved 32 green stars.

Whilst three funds have improved their performance over the year, the remaining fifteen recorded a small reduction in their overall score. This is because the benchmark is designed to encourage continual improvement in the entities that it is assessing, and as such the scoring methodology becomes more challenging each year.

We will continue to work in new areas to maintain and improve our scores.

Aviva’s Climate-related Financial Disclosure

Read about our approach to Climate-related Financial Disclosure