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.
We were the first carbon neutral international insurer in 2006. We continue to offset any remaining operational carbon emissions today. Our offsetting projects have improved the health and lives of more than 1.2 million people globally since 2012, through actions like provision of clean cook-stoves in Kenya.
In 2019 we were 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.
To date we have achieved a 66% reduction in CO2e against the 2010 baseline, exceeding our 2020 target (of 50%). We continue work towards our ambitious long-term target of a 70% reduction by 2030.
Championing Renewable Energy
At the start of 2019, Aviva UK exited underwriting the standalone operational fossil fuel power market as part of its commitment to help tackle climate change. In July 2019 we became a founding signatory of the Powering Past Coal Alliance Finance Principles. Then in November we launched ‘Aviva Renewable Energy’ - an integrated package of insurance designed specifically to support large companies in the complex market of renewable energy, including onshore windfarms, solar power and battery storage. Overall, we have significantly reduced Aviva’s underwriting exposure to coal to practically zero.
Lower carbon investment
In 2019, Aviva assigned £717m of new investment in wind, solar, biomass and energy efficiency.
With now £3.8bn invested in low carbon infrastructure since 2015, we have exceeded our 2020 target of investing £2.5bn investment between 2015-2020.
Read more about our activities below.