Decarbonisation
The first major step toward decarbonisation was taken by the UNIQA Group in early 2019 with the adoption of the UNIQA Decarbonisation Policy. This included the decision to phase-out of coal in investments and underwriting, as well as the development and implementation of a comprehensive sustainability strategy, which came into effect at the end of 2020.
Since the coal phase-out in 2019, the UNIQA Group has been actively committed to decarbonising the business in investments and underwriting. As part of our memberships in the United Nations Net-Zero Asset Owner Alliance (NZAOA) and the Austrian Green Finance Alliance (GFA), we are committed to the gradual decarbonisation of our portfolios, aligning them as closely as possible with the Paris 1.5 degrees Celsius climate target pathway, and achieving net-zero emissions across the Group in our investments and underwriting by 2050.
The successful validation of our interim climate targets by the Science Based Targets initiative (SBTi) in 2023 completes the UNIQA sustainability strategy in investments. By 2030, we aim for the gradual transformation of our portfolio by encouraging our investees to set their own science-based climate targets.
In the key pillars of our climate transition — investments, underwriting, and our own operations — we have already developed comprehensive sustainability and climate strategies. We are firmly committed to phasing out of fossil fuels and have established detailed phase-out plans for coal, oil, and gas in our own investments and underwriting.
Phase-out plans for coal, oil, gas and nuclear energy
- Since 2019: Divestment from coal-based companies and commitment not to insure new corporate clients/ new projects related to coal (implemented), with a complete phase-out by 2030 (final threshold of 5 per cent).
- Between 2023 and 2035: Phasing out all investments related to the oil, gas, and nuclear energy sectors (gradual approach with a final threshold of 5 per cent).
- Between 2023 and 2035: Phasing out the insurance of oil and gas, as well as all new fossil or nuclear projects (gradual approach with a final threshold of 5 per cent).
We do not see our role in this phase as limited to our role as an insurer. The UNIQA Group will proactively support and accompany its customers in the transformation of their carbon-based business models. With clear time planning and appropriate progress in the transformation process, the "insurability" of our customers from the coal industry is fundamentally possible for the remaining duration of the transformation.
More details can be found in the following documents: