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 2035, 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: Implementation of coal exclusion criteria in investments and no new insurance contracts with companies that generate more than 30% of their revenue from activities in the coal sector (production, processing, power generation).
- Between 2023 and 2030/35: Phasing out all investments related to the oil, gas, and nuclear energy sectors (gradual approach with a final threshold of 5%), with exemptions for companies that have SBTi-certified targets or engage in EU taxonomy-compliant activities.
- Between 2023 and 2030/35: Phasing out of all portfolio positions with companies (corporate customer business) in the oil and gas sector (gradual approach with a final threshold of 5 per cent), although exceptions may be made (for the territory of Ukraine to enable energy supply in war zones and companies that publicly commit to decarbonising their core business in accordance with the Paris Agreement). UNIQA does not insure nuclear energy risks either directly or by way of reinsurance.
More details can be found in the following documents:
We do not see our role in this phase as being 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 the help of various engagement strategies, we aim to improve the performance of our portfolio companies, particularly with regard to their climate strategy, decarbonisation targets and measures. With clear time planning and appropriate progress in the transformation process, the ‘insurability’ of our corporate customers in the coal, oil, gas and nuclear industries is possible in principle for the remaining duration of the transformation. Together, we want to achieve the net-zero target we have set ourselves.