Climate risk and environmental impact

Taking a long-term approach.

   

There is no greater collective risk we face today than tackling climate change. If we do not take urgent action to limit global temperature increases to within 2°C, the impacts upon the economy, society and our business will be nothing short of devastating. Aviva is determined to make its own contribution to tackling climate change. This is not at odds with business or investment. In fact, it is a business imperative.

- Mark Wilson, Group Chief Executive Officer

We were the first carbon neutral international insurer in 2006. We continue to offset any remaining carbon emissions today. Our offsetting projects have improved the health and lives of more than 970,000 people globally since 2012, through actions like provision of clean cook-stoves in Kenya.

Having already reduced our operational CO2e by 46% since 2010, this year we set ourselves a higher target of a 50% reduction by 2020 and 70% by 2030. This should contribute to the target of a global temperature rise below 2oC this century, as agreed at the Paris Summit.

Against the backdrop of the Paris Agreement and COP21, in 2016 we published an update on progress towards our five-year strategic response to climate change (PDF). This report, focusing on our investments, received a special mention by Ségolène Royal in the 1st Edition of the International Awards on Investor Climate-related Disclosures.

We support customers to protect the environment. Currently, 16 of our products and services include specific positive environmental features which support lower carbon emissions or reduce the impact on the environment. 

Climate risk is of paramount importance to the insurance sector. In our roles as an asset owner, insurer and asset manager, we collaborate with others on research and action to further understand, manage and disclose these risks, for our business and on behalf of our customers.

Lower carbon Investment

In 2015, we announced an investment target of £500 million annually for the next five years in low-carbon infrastructure. We also set an associated carbon savings target for this investment of 100,000 tonnes of CO2e annually.

We worked with an independent consultant to develop a ‘carbon calculator’ to measure the carbon equivalent savings associated with low-carbon infrastructure investments aligned with the Green Investment Bank “Green Impact Reporting Criteria” guidance. 

In 2016, Aviva Investors signed £450 million of new investment in wind, solar, biomass and energy efficiency. 

Read more about our activities below.