A message from our Group CEO
Net Zero by 2040
Transcript for video Net Zero by 2040
• For over 300 years, Aviva has been helping people build a better tomorrow. And living up to that promise has never been more important than it is today.
• The climate crisis is the single greatest threat facing humanity. So, it makes me very proud to announce that we, Aviva...you...have announced today that we are reducing our carbon emissions to Net Zero by 2040.
• and it covers emissions from our own operations, from our supply chain and from the investments we make on behalf of our cutomers and our shareholders.
• Now it's not going to be easy. Infact, it's probably the most challenging target that we have ever set ourselves and we are bringing it upon ourselves.
• But I firmly believe that Aviva has a clear responsibility to act. We've got the power to make a real difference - put our own house in order and at the same time inspire and influence others to reach the same crucial goal.
• Because acting on climate change is no longer a choice, if it everwas. Building a sustainable future for our customers, for ourselves, is going to take bold actions and decisive leadership. I am determined that Aviva plays our part to the full.
• Working for a company that has such clear social responsibilities is a real privilege. It's one that I take very seriously and I hope you all do too. We're doing this together - on behalf of you and me, our friends and our families. For our communities now and for the generations to come.
Our demanding climate goals
The climate crisis is the greatest threat facing our planet. Taking action now is the best thing we can do for our customers, business, shareholders and future.
In March 2021 we announced our demanding climate goals to:
- Become a Net Zero company by 2040 1
- Achieve a 25% reduction in carbon intensity of assets by 2025, and 60% by 2030 1
- Have Net Zero operations and supply chain by 2030
Becoming Climate Ready
- Emissions and mitigation
- Environment and adaptation
- Economy and business
- Society and community
Aviva has a strong record in promoting sustainability
The scope and scale of the environmental crisis facing all of us means we have to do more. Which is why we were the first major insurer and UK financial services company to target Net Zero by 20401.
In 2022, we continued our work to align our business to a 1.5ºC Paris target. In March 2022 we released our first Climate Transition Plan, outlining our pathway to achieving Net Zero by 2040. Quantifying the impact of climate change is an emerging practice. We have made several methodology improvements in 2022 and will continue to enhance our capabilities in line with industry developments and standards. In December 2022, Aviva became the first international composite insurer to have carbon-reduction goals validated by the Science Based Targets initiative (SBTi)². Aviva also shared its first Biodiversity report, providing a progress update one year on from launching its Biodiversity Policy.
While we are working towards our Net Zero 2040 ambition, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. Over time our work will include reviewing these arrangements with the aim of aligning them to our Net Zero 2040 ambition.
Our partnerships and propositions
Aviva and WWF
We know we can’t solve the climate crisis alone. That’s why we’re partnering with WWF, the world’s leading conservation organisation, who share our belief that now is the time to take urgent action on climate change to help create a better tomorrow for both people and planet.
At Aviva we’re incredibly proud to be promoting the vital reorientation of capital away from short-term thinking and towards more sustainable financial markets. To make these changes we need a globally coordinated strategy and response.
Read more about how we're acting on climate change, building stronger communities and embedding sustainability into our business.
1 This will cover shareholder and policyholder assets where we have control and data; and the main asset classes of Aviva’s core markets (credit, equities, direct real estate and sovereign debt). We will be able to expand this further as new data and methodologies become available. For more details please see www.aviva.com/climate-goals
² The SBTi Net-Zero Standard defines corporate Net Zero as: (i) Reducing Scope 1, 2 and 3 emissions to zero or to a residual level that is consistent with reaching Net Zero emissions at the global or sector level in eligible 1.5°C-aligned pathways; (ii) Neutralising any residual emissions at the Net Zero target year and any GHG emissions released into the atmosphere thereafter. See Science Based Targets that Aviva has committed to https://sciencebasedtargets.org/resources/files/Target-language-and-summary_Aviva-plc.docx.pdf