MAPFRE joins NZIA to eliminate emissions by 2050

Written by Adam Cadle

27/04/2022

MAPFRE has joined the Net-Zero Emissions Insurance Alliance (NZIA) with the aim of achieving greenhouse gas emission neutrality by 2050.

The ambition to reach net-zero emissions by 2050 requires demanding targets in the short, medium and long term. The 2022-2024 Sustainability Plan and the 2021-2030 Corporate Environmental Footprint Plan of the insurer include objectives that reflect that the entity wants to be an active part in the "necessary and urgent transformation towards a low carbon economy". In this regard, by 2024, the company has committed to neutralising MAPFRE's carbon footprint in eight countries and by 2030, the challenge is to reduce the group's carbon footprint by 50% (compared to 2019) and neutralise the carbon footprint remainder for the group as a whole.

Currently, the company contributes to decarbonisation with different initiatives, such as applying ESG criteria in investment. In this sense, it does not invest in companies in which 20% or more of their income comes from energy produced from coal. Also, with ESG criteria in underwriting, such as not insuring the construction of new infrastructure related to coal mines or thermal power plants, and has stopped underwriting new risks related to tar sands and oil or gas in the Arctic.

In 2021, it achieved carbon neutrality in Spain and Portugal and obtained Zero Waste certification, which has allowed it to recycle 351 tons of waste in one year.

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