CEOs Sign Climate Declaration, Allianz Commits to Science-based Targets
UN Photo/Mark Garten
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A global insurer and asset manager Allianz has announced a climate protection package, which includes: no longer insuring single coal-fired power plants and coal mines; excluding coal risks by 2040 in property and casualty business and in proprietary investments; and joining the SBTi.

Business leaders from over 20 companies have signed the Oslo Climate Leadership Declaration, committing to set and implement science-based targets in alignment with the Paris Agreement, and ensure a just transition for communities and workers affected by the move to a low carbon economy.

17 May 2018: The private sector is continuing its efforts to meet the objectives of the Paris Agreement on climate change and the SDGs, including through joining the Science Based Targets initiative (SBTi), which includes over 400 companies having set or committed to set emission reduction targets in line with international climate goals. Business leaders have signed a declaration committing to contribute to peak CO2 emissions by 2020 and net zero emissions by 2050.

A global insurer and asset manager Allianz has announced a climate protection package, which includes: no longer insuring single coal-fired power plants and coal mines; excluding coal risks by 2040 in property and casualty business and in proprietary investments; and joining the SBTi.

Allianz has pledged to remove from its portfolio companies that do not adhere to the 2°C goal.

Allianz is one of the first insurance companies to set a long-term climate goal linked to the Paris Agreement’s target of limiting the global average temperature rise to “below 2°C,” which it aims to integrate in all relevant business activities, including through financing renewables and providing specialty insurance for renewable energy production plants.

Allianz has pledged to structure its tradable investments in all carbon intensive sectors to be climate-neutral and to remove from its portfolio companies that do not adhere to the 2°C goal. [Allianz Press Release] [Allianz Statement on Coal-Based Business Models]

Business leaders from over 20 companies, including Unilever and IKEA, have signed the Oslo Climate Leadership Declaration, committing to set and implement science-based targets in alignment with the Paris Agreement, and ensure a just transition for communities and workers affected by the move to a low carbon economy. By signing the declaration, 11 of these companies are making new commitments to join the SBTi, while the others have already set or committed to set such targets.

The Oslo Climate Leadership Declaration calls for accelerated climate action from companies by setting science-based targets to help achieve the goals of the Paris Agreement and SDG 13 (climate action). The Declaration, which was developed by the Business for Peace Foundation in partnership with We Mean Business, was launched at the Business for Peace Summit, in Oslo, Norway, on 15 May 2018.

Business for Peace aims to increase awareness of ethical business practices. In 2016, the Business for Peace Foundation initiated its Businessworthy Pledge, calling for business leaders to support the SDGs. [Oslo Climate Leadership Declaration] [Sustainable Business Press Release on the Oslo Declaration] [Business for Peace Foundation] [SDG Knowledge Hub Story on Businesses Announcing Commitments Ahead of Global Climate Action Summit] [SDG Knowledge Hub Story on Bloomberg, Wells Fargo Climate Finance Pledges]

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