According to the new sustainability report from German ICMIF member, R+V Versicherung, the cooperative insurer made significant progress in achieving its ambitious sustainability goals last year. The company published its 2023 sustainability report last week.
As part of its sustainability strategy, R+V has set itself the goal of becoming one of the most sustainable companies in the insurance industry. The insurer reported that a number of goals have already been set, and some milestones have been reached. These include:
- Climate targets in capital investment achieved ahead of schedule
- Conversion of the R+V vehicle fleet to 30% electric vehicles expanded
- Sustainability programme is being consistently implemented
Climate target in capital investment met ahead of schedule
Wishing to align itself to the necessary transformation process towards a more sustainable economy, R+V joined the UN-convened Net Zero Asset Owner Alliance (NZAOA) in April 2023 – believing it to be the world’s leading alliance of the largest pension funds and insurers for a climate-neutral investment policy.
En route to its self-imposed net-zero target in terms of its investments, R+V says it has already achieved an initial interim target ahead of schedule, in April of this year. The greenhouse gas intensity of equities and corporate bonds was reduced by 20 percent compared to the base year 2019. This corresponds to a reduction of 32 tonnes to 128 tonnes of CO2 per million euros invested, an interim target that was not set until 2025.
R+V has set itself the goal of reducing greenhouse gas emissions from equities and corporate bonds by a further 20 percent by 2030. This corresponds to an overall reduction of 40 percent compared to 2019. In 2050, R+V Versicherung’s investment portfolio will then be climate-neutral, according to the insurer’s voluntary commitment. “With an investment volume of around EUR 120 billion, we are one of the largest institutional investors in Germany and thus have significant leverage to consistently counter climate change,” said Marc Michallet, Chief Financial Officer and Head of the R+V Sustainability Commission, underlining the importance of this climate target.
Consistently pursuing a sustainability programme
Sustainability initiatives at R+V include, among other things, company vehicles. Currently, around 30 percent of R+V’s fleet is electrified – and the trend is rising. Since the beginning of this year, only fully electrically powered vehicles have been ordered for new and replacement purchases. “At R+V, we are on track and will continue to work at full speed to achieve our sustainability goals,” emphasised Philipp Bäcker, Head of R+V Sustainability.
R+V has shared its most recent developments on its journey to becoming a sustainable insurer in its 2023 sustainability report, which is now its eleventh such report. The company says this is probably the last time it will report on its sustainability efforts and progress in this form. With the increased regulatory requirements for sustainability reporting and the increasing momentum towards integrated reporting, aspects of sustainability will be presented in R+V’s annual report in the future.
The latest sustainability report is available here (in German).
