Zurich Insurance Group (Zurich) is bringing forward by 20 years its target to achieve net-zero emissions in its operations.
It now aims to reach the goal by 2030, after implementing plans announced last year to achieve deep cuts in absolute emissions this decade. After that, emissions that cannot be avoided will be removed from the atmosphere.
Zurich has signed carbon removal agreements with several suppliers of nature-based solutions, where it can have the biggest impact on the development of the carbon removal industry. It has made advance payments that will help these suppliers further develop, scale and commercialize their early stage and innovative technologies.
The projects were also selected to align with Zurich’s broader sustainability goals including flood resilience, wild fire prevention and – through support for good quality jobs in sustainable industries – developing a fairer society.
Zurich is committed to act now to remove carbon from the atmosphere and will continue to look for and support additional solutions to diversify its carbon removal approach. After initially focusing on biomass-based carbon removal, Zurich is now also looking at technological solutions such as direct air capture and storage.
To complement its net-zero strategy, Zurich aims to have 75% of its managed procurement spend with suppliers that have science-based emissions reduction targets by 2025 and net-zero targets by 2030.
Until 2030, the Group will maintain overall carbon neutrality in its operations, steadily increasing the proportion of its carbon removal offsets that qualify for net-zero certification. The protection and restoration of natural habitats remains a focus in Zurich’s overall climate change mitigation strategy, for example through the Group’s work with the Zurich Forest project.
As a signatory of the UN Business Ambition for 1.5°C pledge, Zurich is committed to using every lever available – investments, operations, and products and services – to accelerate the transition and achieve net-zero emissions across its businesses by 2050. The Group is engaging with customers and investee companies to promote the adoption of business models aligned with the Paris Agreement.