As an integrated financial organisation, we feel it is our responsibility to
help our customers mitigate potential climate change risks and to
embrace opportunities such as innovation around renewable energy
development. To achieve this, we have carried out extensive research to
help understand climate change risks.
"Climate change creates significant costs for the financial industry. In the
interest of our clients and shareholders we are obligated to take these
risks into account when making decisions on insurance underwriting,
investments or lending credit.” (Joachim Faber, Allianz SE Board Member
and CEO of Allianz Global Investors)
In January 2005, we established a partnership with the World Fund For
Nature (WWF) to analyse climate risks throughout our business. We have
published Climate Change and The Financial Sector: An Agenda for
Action, 2005 and Climate Change and Insurance: An Agenda for Action,
2006. Key findings included:
- The extent and frequency of natural catastrophes will increase due to
the effects of climate change. The potential damage must be
incorporated into today’s insurance risk models.
- The financial industry must systematically screen for climate change
risks across their service lines.
- Market opportunities will be created, such as carbon trading markets.
- The financial industry plays a pivotal role in mitigating climate change
risks and encouraging the move to a clean-energy, low-carbon world.
From awareness to action: Allianz Climate Change Strategy
We have established a road map for our business, over the next five
years to prioritise and focus the Group’s long term strategy on
addressing climate change risks and opportunities.
> To find out more, click here to visit the sustainability section of the Allianz Group website
