Allianz adapts guidelines to accelerate shift to renewable energies

Written by Adam Cadle

13/02/2023

Allianz Group is adapting its guidelines to pragmatically provide insurance and investment in renewable energy projects.

The changes aim to support and speed up the transition of energy companies, particularly in Asia and Eastern Europe, where the adaptation from coal to renewables is difficult and less advanced than in Europe or the United States.

“Allianz is strongly committed to the climate targets of the United Nations to limit global warming to 1.5°C,” it said.

“However, reaching net-zero requires a drastic four-fold increase in renewable energy this decade. The new Allianz guidelines support traditional energy companies to rapidly transition to clean energy business models, including green hydrogen, geothermal, bioenergy, on and offshore wind, solar and tidal. By that we harmonise the approach taken to these technologies in our guidelines on coal, oil and gas to further accelerate the world’s drive to net-zero emissions.

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