AIA publishes Climate Transition Plan

Written by Adam Cadle

28/11/2023

AIA Group has published its first Climate Transition Plan.

AIA has also become the first pan-Asian life and health insurer to have its near-term science-based emissions reduction targets validated by the Science Based Targets initiative (SBTi), a global body enabling businesses to set ambitious emissions reduction targets in line with the latest climate science.

In 2021, AIA committed to achieving net-zero by 2050.

Lee Yuan Siong, AIA Group chief executive and President, said, “As the largest pan-Asian life and health insurer, we have a responsibility to take actions to address climate change. Our first Climate Transition Plan sets out a clear implementation roadmap to achieve our near-term climate targets and integrate climate considerations into our core business, supporting our path towards net-zero emissions by 2050.”

AIA’s Climate Transition Plan outlines AIA’s near-term science-based targets emerging from its business operations and general account in-scope investment portfolio, alongside the plans for meeting these targets.

For Scope 1 and 2 direct operations, AIA has set an absolute emissions reduction target aligned to a 1.5°C pathway. AIA’s Scope 3 Category 15 (Investments) emissions account for over 95% of its in-scope SBTi emissions. These cover assets in AIA’s general account portfolio that are mandatorily in-scope under the SBTi’s financial sector science-based targets guidance. AIA has used two target-setting approaches for its in-scope investment portfolio to set the near-term targets.

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