Delivering the sustainable financial system the world needs
At Aviva we’re fully aware that our role in fighting climate change goes beyond tackling the emissions of our own investments, operations and underwriting portfolio, therefore we are relentlessly campaigning for change so that the whole financial system works towards a sustainable future. We’re using our influence as a large financial institution to push for positive change that will deliver a more secure and stable future for our customers and their families.
What you can do
We believe it is our duty to make it easy for customers to make climate-friendly choices and support people and society as the economy changes and we’re developing and launching products to help achieve this.
Watch our video that follows the journey a pension contribution takes through the capital markets system. It shows how you can make a difference as an individual saver.
What we are doing
We have a broad network of relationships with our peers and other influencers within industry, and we will leverage our influence to embed best practice, such as science-based Net Zero principles, into standard practice throughout the financial system and those who interact with it commercially, for example through:
- Calling for change from Governments: Governments, regulators and other public bodies hold multiple levers which enable them to set the national economies on the path to Net Zero. Currently, we don’t see all of these bodies acting in harmony to deliver the best results. To address this, we recommend that governments should:
- Set economy-wide Net Zero targets for 2050 or (ideally) earlier;
- Commit to putting a price on carbon emissions; and
- Create incentives to help people, businesses and communities to go green as countries recover from the pandemic (read more on pages 41-43 of our Climate Transition Plan).
- Advocating for reform of the international financial architecture: We believe it is essential to influence the multilateral bodies that establish the global rules and norms for the financial system to better address climate change. We are calling for reform of the international financial architecture, including the creation of an International Platform on Climate Finance or “IPCF”.
- Partnering with WWF to advocate for a sustainable financial system: We’re partnering with WWF to conduct joint advocacy on climate change, biodiversity and other issues of shared interest (for more information see our shared position papers A UK Net Zero Investment Plan for Green Growth, Aligning the UK Financial System to Net Zero and Transition Plans for a Net Zero Future).
- Joining and/or leading relevant sectoral initiatives: We were a founding member of the UN-convened Net Zero Insurance Alliance, we are members of the UN-convened Net Zero Asset Owner Alliance and Net Zero Asset Managers Initiative. We are also a member of the Glasgow Financial Alliance for Net Zero (GFANZ) and co-lead their Transition Plans and Policy workstreams. Recent publications include a Policy Call to Action, and a set of best practice principles for net zero transition plans, which can be found in the GFANZ 2021 Progress Report. We are also a part of the UK Government Net Zero Transition Plan Taskforce, co-chaired by Aviva CEO Amanda Blanc.
- Bringing together networks of actors across the financial system to address targeted issues: For example, our CEO leads the Women in Finance Climate Action Group, a group of women leaders from across the private finance system – business leaders, policymakers, regulators, NGOs and industry groups – who are seeking to improve gender equality when designing, delivering and accessing climate finance.
Reports and other resources:
- Aviva’s Climate Transition Plan – pages 39-44 ‘Using our influence to help deliver Net Zero’ (2022)
- Aligning the UK Financial System to Net Zero: a WWF-Aviva position paper (2022)
- Harnessing the International Financial Architecture for a Smooth and Just Transition: Sustainable Finance Proposals for the G7 and G20 (2021)
- Transition Plans for a Net Zero Future: a WWF-Aviva position paper (2021)
- Women in Finance Climate Action Group Report (2021)
- Bridging the Gap: An Aviva Policy Proposal for an International Platform for Climate Finance (2020)
- Marshall Plan to Save the Planet (2019)
- Business School Rankings for the 21st Century - including how MBAs can integrate sustainable finance in their teaching (2019)
- Financing our Future (2018)
- Global Sustainable Finance in 2018 – An Aviva guide for policymakers and regulators (2018)
- Delivering the Financial System the World Needs (2017)
- Infographic: How move from short term to long term thinking in order to create sustainable capital markets (2017)
- Money Talks: How Finance Can Further the Sustainable Development Goals (2016)
- Sustainable Finance Policy Toolkit (2016)
- Mobilising Finance to Support the Global Goals for Sustainable Development (2015)
- Roadmap to Sustainable Capital Markets (2014)