UNIQA becomes first Austrian insurer to receive approval for 1.5°C interim targets from SBTi

Written by Adam Cadle

15/01/2024

UNIQA has become the only Austrian insurance company to receive a seal of approval for its 1.5°C interim targets from the Science Based Targets initiative (SBTi).

SBTi is a partnership between the CDP (formerly Carbon Disclosure Project), the United Nations Global Compact, the World Resource Institute (WRI) and the World Wide Fund for Nature (WWF). The initiative defines and promotes targets based on scientific findings and independently verifies these targets set by companies.

UNIQA also has a clear roadmap for divesting from fossil fuels such as coal, oil and natural gas. The company is already no longer making any new investments in coal or oil, and no new business is being written in corporate customers’ property insurance (oil from 2024). The requirements within the framework of the UNIQA transformation plan are becoming more stringent. Among other things, this also means the end of oil and coal for existing investments or insurance cover for corporate customers by 2030.

“We are aware of our responsibility and have set ourselves ambitious targets: net-zero emissions by 2040 in Austria and by 2050 in all UNIQA group countries. We have set science-based Paris-compliant 1.5°C interim targets for 2030 based on the SBTi framework and also engage with legislators, customers and the companies we invest in. Our investment portfolio is therefore consistently aligned with the 1.5°C Paris target,” explained René Knapp, management board member for people, brand & sustainability at UNIQA insurance group.”

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