2030 Sustainability Ambitions
Our 2030 Sustainability Ambitions denote three topical focus areas where we can have a significant positive impact in terms of supporting sustainability and strengthening resilience.
Click on the tabs below to learn more about these key ambitions of our Group Sustainability Strategy.
Mitigating climate risk and advancing the energy transition
The effects of climate change are already evident and impacting our risk landscape: warmer average temperatures, rising sea levels, longer and more frequent heatwaves, as well as more intense precipitation events. These phenomena are becoming the new normal and will increasingly impact our way of life, our health and our natural environment. Urgent questions we need to ask are how to tackle climate change, how to advance the transition to renewable energy, and how we can best adapt to and mitigate climate risk.
Swiss Re’s main responses to this challenge are to make societies more resilient to the growing risks of climate change and natural hazards, as well as evolving our way of doing business towards net-zero carbon emissions by 2050, in line with the Paris Agreement. We do this in a number of ways.
With our underwriting and innovative re/insurance solutions, we can help communities and businesses get back on their feet quickly after a disaster, as well as prepare them for more frequent and severe climate impacts.
We build partnerships with clients and governments to develop scalable solutions to mitigate and adapt to climate change. This includes offering solutions that support the transition to more sustainable, low-carbon energy systems by managing the risks associated with renewable energy projects and making them more attractive to investors with re/insurance backing. Overall, it is our goal to be a leading re/insurance capacity provider for the development of renewable energy solutions.
Furthermore, we promote sustainable practices in our own operations to demonstrate good stewardship, lead by example and drive long-term performance. We have adopted a holistic strategy to responsible investing, including investment practices for our assets to consider environmental, social and governance (ESG) criteria in our investment decisions. Limiting global warming is part of this effort, and we are reinforcing it by further reducing our own carbon footprint across our operations, investments and re/insurance offerings.
We are implementing our Group Sustainability Strategy through a structured process and are currently working on bringing it to life by defining targets, metrics and actions for our three 2030 Sustainability Ambitions. Adopting a sequential approach, we have first focused on "Mitigating climate risk and advancing the energy transition" and have developed a Climate Action Plan, which also serves as our climate strategy. Click on the link below to learn more.
Our Climate Action Plan
Swiss Re first detected the potential long-term challenges posed by climate change some 30 years ago. Consequently, it has become our most important sustainability issue: For a re/ insurer, climate change constitutes a key topic because it leads to an increase in the severity and a change in the patterns of natural catastrophes such as windstorms, floods, excessive rainfall, heatwaves and drought. In combination with growing asset concentrations in exposed areas and more widespread insurance protection, this will cause a steady rise in losses.
Climate change continues to be an essential element in our enhanced Group Sustainability Strategy: "Mitigating climate risk and advancing the energy transition" is one of our three overarching 2030 Sustainability Ambitions. In the process launched to define metrics and setting targets, we have put the initial focus on this topic and started to develop a Climate Action Plan.
Building on our commitments and initiatives of recent years, our Climate Action Plan, which also serves as our climate change strategy, combines three objectives:
- We aim to become the leading re/insurance company on physical climate risk.
- We aim to become a leading provider of re/insurance solutions for low-carbon transition opportunities.
- We build partnerships to develop scalable solutions to mitigate and adapt to climate change.
In our 2019 Sustainability Report, you can learn more about we have been implementing our Climate Action: