Leading the way on climate action
The climate crisis is one of the greatest threats facing us all. So, we’ve made a plan to become a net zero carbon emissions company by 2040.
A bold approach is needed.
We were the first major UK financial services company to set this target. It won’t be easy to do, but we’re determined to take bold steps to help tackle the climate crisis.
Our plan to be net zero by 2040 means we aim to:
- Take immediate action on coal. By the end of 2021 we’ll have stopped insuring companies making more than 5% of their revenue from coal or unconventional fossil fuels 1.
- By the end of 2022 we’ll divest from, and stop investing in, companies making more than 5% of their revenue from coal 2.
- Use 100% renewable electricity for all offices, and all new leases for our 1,540-motor fleet will be electric/hybrid.
- Increase green investments. We’ll invest £6bn in green assets and Aviva Investors will invest £2.5bn in low-carbon and renewable energy infrastructure.
- Cut the carbon intensity of our investments by 25%.
- Have a net zero supply chain.
- Have net zero operations.
- Cut the carbon intensity of our investments by 60%. This is ahead of the 50% cut required by the Paris Agreement 3.
- Be net zero in our operations, supply chain and in the investments we make for you and our shareholders 2.
Climate friendly is customer friendly
We know you care about the planet as much as we do. We’ll make it easy for you to make climate-friendly choices.
Pensions and savings
Our default funds will align to net zero, making it easy for auto-enrolled pension savers to link their savings to the low-carbon transition taking place. We’re aiming for UK pensions customers to choose to put more than 20% of new savings into sustainable impact funds or net-zero-aligned funds by the end of 2022.
We already offer insurance for electric vehicles.
In the UK, solar panels on residential roofs, battery storage and ground and air source heat pumps don’t increase our customers’ premiums.
When paying out claims, we reduce environmental impact through repair and restoration where possible. We work with our customers to make their homes more resilient and reduce the risk of future damage.
It won’t be easy
We know this will be incredibly hard. But that isn’t a reason not to act.
Aviva Group Chief Executive Officer Amanda Blanc 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’s going to take Aviva to play our part.”