Aviva has today announced its plan to become a net zero carbon emissions company by 2040.
Aviva, the UK’s largest insurer, has said it plans a cut of 25% in the carbon intensity of its investments by 2025 and of 60% by 2030. It also plans to achieve net zero carbon emissions from its own operations and supply chain by 2030. It will cover Aviva’s scope 1, 2 and 3 emissions, and include shareholder assets and policy holder assets where Aviva has decision-making control. By the end of 2022 it will divest from all companies which make more than 5% of their revenue from coal unless they have signed up to the Science Based Targets initiative.
In addition, by the end of 2021, Aviva will have stopped underwriting insurance for companies making more than 5% of their revenue from coal or unconventional fossil fuels, unless they have signed up to the Science Based Targets initiative.
Amanda Blanc, Aviva Group Chief Executive Officer, said:
“Aviva is taking bold steps to help tackle the climate crisis. As the UK’s leading insurer, we have a huge responsibility to change the way we invest, insure and serve our customers. For the world to reach Net Zero, it’s going to take leadership and radical ambition. And it is going to take Aviva to play our part.”