Last week, ICMIF member Achmea (Netherlands) published an update of its Climate Transition Plan. For the first time, Achmea is setting interim targets to reduce CO2 emissions through its insurance policies.

Publishing and updating a Climate Transition Plan annually is part of the Dutch financial sector’s Climate Commitment. Organisations such as banks, insurers, pension funds and asset managers have committed to contribute to the realisation of the Paris Agreement when signing the Dutch Climate Agreement which includes mandatory reporting on the climate impact of loans and investments from 2020 onwards. In addition, they agreed to have action plans in place by 2022 that contribute to reducing their climate impact.

This update by Achmea includes, among other things:

• targets for reducing the average CO2 emissions of the insurer’s private non-life insurance portfolio, including 15%-20% of the automotive portfolio by 2030*;
• objectives for driving the energy transition, such as offering climate solutions for individuals and businesses;
• initiatives Achmea will undertake to make healthcare more sustainable (Green Deal Sustainable Care 3.0);
• efforts to make our investment portfolio more sustainable, including a new engagement programme aimed at CO2 intensive companies.

Step by step towards a climate-neutral non-life insurance portfolio

Achmea offers solutions to help its customers become more sustainable, and thus also reduce the carbon footprint of its insurance and service portfolios. Step by step, the cooperative insurer says it is making its insurance portfolio climate neutral. Initially, Achmea will focus on its insurance portfolio for individuals and companies in the Netherlands and first in line is its private passenger car portfolio. The goal will be to reduce the average CO2 footprint of this portfolio by 2%-15% by 2030 compared to 2021.

Achmea says it will also enter into discussions with the companies that it insures to determine with them how it can support them even more in the transition, for example by ensuring sustainable innovations in the energy transition. The insurer is also committed to sustainable damage repair and is expanding its services to support homeowners and Homeowners’ Associations in making their homes or apartments more sustainable.

Implementing the Green Deal on Sustainable Healthcare

Healthcare institutions, governments and other companies in the Netherlands have made agreements as part of the Green Deal on Sustainable Healthcare with the aim of making the healthcare sector more sustainable. Achmea wants to contribute to this by translating the agreements into (healthcare) purchasing conditions, adapting its range of products and services and helping customers to make more sustainable choices when they use healthcare and/or work on their health.

Financial sector climate commitment and Achmea’s ambitious goals

Achmea, together with other financial institutions, has committed itself to the climate goals of the Dutch Climate Agreement through the Financial Sector’s Climate Commitment. The cooperative insurer says it takes its responsibility seriously to accelerate the transition to a sustainable economy. As a company, insurer, investor and financier, Achmea has set itself ambitious goals. As developments are moving fast; and there are always new climate insights, legislation, data and measurement methods, Achmea updates its Climate Transition Plan annually.

* The emissions of a car are allocated pro rata to the various parties in the value chain such as the manufacturer, dealers, body shops, banks and the government, etc. It is therefore a shared responsibility. Only a limited part of the emissions are attributed to the insurer.