Aviva targets net zero carbon emissions by 2040

Written by Adam Cadle

01/03/2021

Aviva has announced its plan to become a net zero carbon emissions company by 2040.

“This is the most demanding target of any major insurance company in the world today,” it said.

The undertaking, which will inform every aspect of operations and investment decisions at Aviva, is part of its strategy to be the UK’s leading insurer, contributing to a sustainable economic recovery.

Aviva’s 2040 plan means:
- Net Zero carbon emissions from its investments by 2040;
- A clear pathway to net zero: a cut of 25% in the carbon intensity of its investments by 2025 and of 60% by 2030;
- Net Zero carbon emissions from its own operations and supply chain by 2030.

It will cover Aviva’s scope 1, 2 and 3 emissions, and include shareholder assets and policy holder assets where Aviva has decision-making control. Progress towards this target will be tracked through annual, public reporting.

Aviva is taking further action on coal immediately. By the end of 2022 it will divest from all companies which make more than 5% of their revenue from coal unless they have signed up to the Science Based Targets initiative. 

In addition, by the end of 2021, Aviva will have stopped underwriting insurance for companies making more than 5% of their revenue from coal or unconventional fossil fuels, unless they have signed up to the Science Based Targets initiative. 

Aviva will also be the first insurer to put its Taskforce for Climate-related Financial Disclosure (TCFD) to an advisory vote at its annual general meeting of shareholders in May this year.
 
Aviva’s chief executive officer Amanda Blanc said: “Aviva is taking bold steps to help tackle the climate crisis. As the UK’s leading insurer, we have a huge responsibility to change the way we invest, insure and serve our customers. For the world to reach Net Zero, it’s going to take leadership and radical ambition. And it is going to take Aviva to play our part.”

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