Leading insurance and investment group Allianz announced today a series of new climate-focused commitments and targets, including a goal to invest €20 billion (USD$21 billion) in climate and cleantech solutions by 2030.

The new goals were released with the publication of Allianz’s first comprehensive net-zero transition plan, outlining the company’s strategy to achieve its climate goals. Allian has committed to achieving net-zero emissions by 2050 in its proprietary investment and P&C underwriting portfolios, and by 2030 in its own operations.

Allianz’s net zero plan comes shortly after the company’s decision alongside several other major insurers to exit the Net Zero Insurance Alliance (NZIA), amid anti-ESG political pressure in the U.S. At the time, Allianz, who was a founding member and Chair of the NZIA, reiterated its 2030 and 2050 net zero goals, and committed to continuing its contributions to the acceleration of decarbonization and ensuring a fair sustainable transition. The company remains a member of the Net-Zero Asset Owner Alliance.

In addition to its new investment goal, Allianz also announced a commitment to achieve 150% profitable growth in revenues from renewable energy and low-carbon technology solutions in its commercial insurance segment by 2030, noting that it is already a leading insurer of solar photovoltaic and wind farms, and adding that it also aims to expand its coverage to emerging hydrogen technologies.

The company also introduced targets to reduce carbon emissions by 30% for its retail motor segment, and achieve an emission intensity reduction of 45% in its commercial insurance segment by 2030, as well as a pledge to strengthen its net zero-focused engagement with customers and investee companies.

Allianz CEO Oliver Bäte said:

“With extreme weather events, this summer has reinforced the urgency to act on climate change. Governments, businesses and individuals must work together to build resilience and limit global warming to 1.5°C. Therefore, at Allianz, we are committed to delivering on our own net-zero targets, as well as partnering with our clients and investee companies in their transition. We believe our intermediate targets will help us realize our growth potential and contribute to a healthier, more secure future for everyone.”

Click here to access the Allianz transition plan.