our commitment to the environment and climate
We want to play an active role in supporting the transition towards a more sustainable economy and society. We will continue to monitor and reduce our direct and indirect impacts through our products, services and investments, dialoguing and collaborating with Governments and associations, in line with the declarations in our Group Policy for the Environment and Climate.
For years we have managed our environmental impact, a commitment reiterated on the occasion of the 21st Conference of the Parties (COP21) by the United Nations on climate change held in Paris in December 2015.
We feel obliged to act on various fronts: we are committed to reducing our direct impact in an optimal manner. Furthermore, using suitable measures we can encourage the adoption of environmentally sustainable behaviour in our spheres of influence, particularly those of our clients and the companies in which we invest, in order to reduce the indirect impact of our activities.
In this regard, the Board of Directors of Assicurazioni Generali approved on February 21st 2018 the strategy on climate change that includes specific actions in investments and underwriting and identifies the dialogue and involvement of our stakeholders as the tool to facilitate the transition towards a society with a low environmental impact. For further information read the press release on the strategy on climate change.
Complying with this resolution, in November 2018 the Group published a technical note which details the operational implications of the strategy.
- Reduce our greenhouse gas emissions by 20% by 2020 (base year 2013)
Supporting the ‘green’ business:
- Increasing investment in green sectors by 3.5 billion euros by 2020
- Increasing the percentage of the premium portfolio related to the renewable energy sector
- Increasing the offer of products with environmental value for the retail market and SMEs
Define our positioning in coal-related activities:
- Exclusion of any new investment in businesses associated with the coal sector and gradual divestment of the €2 billion exposure on coal-related assets, with the disposal of equity assets by April 2019
- Commitment not to increase the minimal insurance exposure to coal-related activities
- Commitment not to insure any new coal-related customer and any new coal construction project (mines and plants) with immediate effect
Stakeholders’ engagement for a ‘Just Transition’
- In countries in which the economy and employment depend heavily on the coal sector, Generali is involving issuers, clients, and other stakeholders through constant dialogue, monitoring their plans to reduce environmental impacts, their strategy to shift to low-carbon activities and the measures envisaged for protecting the community and citizens.
- Engagement activities with coal-related counterparties are in line with the Just Transition principles, which aim to support a transition towards a low-carbon economy, integrating the social dimension into the climate strategy.