MAPFRE Joins Net-Zero Alliance to Eliminate Emissions by 2050 and Fight Against Climate Change
MAPFRE has joined the Net-Zero Insurance Alliance (NZIA) with the objective of achieving greenhouse emission neutrality by 2050, that is, zero net emissions in its insurance and reinsurance underwriting portfolios. This commitment raises MAPFRE’s demand for sustainability, as it means that in coming years, it must reduce greenhouse gas emissions as far as possible throughout the organisation, and eliminate residual emissions that it has not been able to reduce through offset projects.
In order to do so, MAPFRE must establish underwriting criteria so that it can have a significant impact in terms of emissions, as well as define decarbonisation commitments with more relevant customers, and promote agreements, products, and services that foster carbon footprint reduction, among other things. Being Net-Zero means that the Group is contributing to one of the goals of the Paris Agreement, which consists of limiting the rise in global temperature to 1.5ºC above preindustrial levels by 2100.
“Economic decarbonisation is essential for the planet,” pointed out Antonio Huertas, MAPFRE Chairman and CEO, who has indicated that “our environmental commitment is to continue raising the demand for sustainability firmly and progressively, accompanying society in a fair transition, and helping our customers and people who depend on their activity to also converge in this direction.”
He also highlighted that “from our end, we care about improving the management of our environmental footprint, promoting the circular economy, and, through underwriting and investment, supporting the fair transition toward a net-zero economy, prioritising people’s well-being.”
Currently, 21 global insurance and reinsurance companies are part of the Net-Zero Insurance Alliance, all of which are members of the UNEP-FI and signatories of the Principles for Sustainable Insurance (PSI).