Zurich outlines new targets for sustainability efforts

Zurich has outlined a string of new targets and initiatives in a bid to reinforce its commitment to sustainability within the insurance industry in Australia and New Zealand.

Among the targets include reducing emissions from local operations by 60 per cent by 2025 and 76 per cent by 2029, reducing total CO2e emissions from printed paper by 70 per cent by 2025 and reducing the carbon intensity of its local investment portfolio by 25 per cent by 2025, with an aim to have a carbon neutral portfolio by 2050.

“Just recently, Zurich Insurance Group announced it had brought forward its global net zero operations target by 20 years, with a new target of 2030. This is on top of the Group’s ESG rating being upgraded to ‘AAA’ – the highest possible score from the investment research firm, MSCI,” Zurich Australia and New Zealand CEO, Justin Delaney, said.

“Locally in Australia and New Zealand, our new targets support Zurich’s global approach to ensure a more sustainable future for our people, customers and communities.” 

The new targets will be overseen by Shaneen Marshall who will take on the expanded role of head of strategy and sustainability.

“We want sustainability to be at the heart of our business and having explicit executive accountability so close to our strategy shows our commitment to achieving this,” Ms Marshall said.

“I’m delighted to have been given this opportunity to drive forward our efforts in Australia and New Zealand. We have made significant progress already and I’m excited to build upon our solid foundations and for Zurich to contribute towards a net-zero Australia & New Zealand.”

Ms Marshall will also oversee a pilot program with Reforest – a platform that connects businesses and their customers to remove CO2 and regenerate local ecosystems within Australia.

The pilot will see Zurich Retail Life purchase a tree on behalf of new life insurance customers who opt into the initiative to offset their own emissions. Customers can learn more about their tree – which contributes towards the pilot goal of planting 2,500 trees and removing 575 tonnes of CO2 across 35 hectares - through the platform.

“With more than half a million individual customers and many large corporate partners across Australia and New Zealand it is our responsibility to do the right thing by our planet and encourage others to do the same,” Ms Marshall said.

“Sustainability will increasingly be embedded into everything we do for our customers, advisers, brokers, employees and partners, and the growth of our business will continue to be guided by environmental, social and governance goals.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.