Allianz CEO calls for international partnerships
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The chief executive of German insurer Allianz has highlighted the role of international partnerships between asset owners, organisations and governments to address several problems the world is facing.
Oliver Bäte outlined issues such as inflation, geopolitical instability, the war between Ukraine and Russia and market uncertainty and volatility. He said: “To overcome polarisation and conflict and build a united and a decarbonised society, we need to reach out and build more partnerships”.
Speaking at the Climate Ambition Summit at the UN headquarters in New York on Wednesday, Bäte said policymakers must focus on “pragmatic, market-based solutions” rather than imposing “dogmatic policies” that undermine confidence in leadership.
He used the Net Zero Asset Owner Alliance as an example of an international partnership. Its members commit to moving their investment portfolios to net zero by 2050.
“Our belief in the power of partnerships led us to launch the UN-convened Net Zero Asset Owner Alliance here in this venue in 2019. In doing so, we became the first of many net zero alliances to emerge across industries,” he explained.
Bäte said the vast majority of the members have set science-based decarbonisation targets for 2025 or 2030.
He added: “I invite all asset owners to join us, I invite all of civil society to support our efforts, and I ask all governments to deliver on their transition pledges with pragmatic and implementable policies. It will take all of us.”
Earlier this month, Allianz published its net zero transition plans. These include increasing investments in climate and cleantech solutions by €20bn (£17.3bn) and targeting a 150% revenue growth in commercial insurance from renewable energies and low-carbon technologies by 2030, compared with 2022.
Are insurers relying only on international partnerships to tackle climate change?
