Aviva has become the first major insurer globally to target net zero carbon emissions by 2040.
The goal will cover the group’s scope 1, 2 and 3 emissions, and include shareholder assets and policy holder assets where Aviva has decision-making control.
By the end of 2022 it will divest from all companies that make more than 5% of their revenue from coal unless they have signed up to the Science Based Targets (SBT) initiative.
Aviva will also have stopped underwriting insurance for companies making more than 5% of their revenue from coal or unconventional fossil fuels by the end of this year, unless they have signed up to the SBT initiative.
The insurer is aiming a cut of 25% in the carbon intensity of its investments by 2025 and of 60% by 2030, ahead of the 50% cut required by the Paris Agreement.
Amanda Blanc, Aviva Group Chief Executive Officer, 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.”