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 million people globally since 2012, through actions like provision of clean cook-stoves in Kenya.
This year 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 60% reduction in CO2e against the 2010 baseline, meeting our 2020 target (of 50%) early. We continue work towards our ambitious long-term target of a 70% reduction by 2030.
In 2018, countries from across the world gathered in Katowice, Poland to join an “initial stocktaking exercise” on progress to deliver the Paris Agreement.
We have also performed our own stocktake to assess what we have delivered on the different elements of our 2015 strategy. As the stocktake shows, we have made significant progress in addressing climate change across our business. But there also remains significant work to do.
We plan to follow this stocktake in 2019 with a new forward-looking climate change strategy. This strategy builds on the progress made so far and the climate scenario analysis we are currently undertaking as part of our reporting against the recommendations made by the Taskforce for Climate-related Financial Disclosure (TCFD).
Lower carbon investment
In 2018, Aviva assigned £1.8 billion of new investment in wind, solar, biomass and energy efficiency.
With now over £3 billion invested in low carbon infrastructure since 2015 we have achieved our 2020 target of investing £2.5bn investment between 2015-2020, two years early.
Aviva also hold nearly £1.3 billion in green bonds to support the transition to a low-carbon economy.
Read more about our activities below.