MAPFRE Chairman and CEO, Antonio Huertas, “Economic decarbonisation is essential for the planet.”
The insurance company is increasing its demand for sustainability and positioning itself as a relevant player in the fight against climate change
It will reduce its environmental footprint as far as possible, and support decarbonisation through underwriting and investment
By 2024, it will neutralise MAPFRE’s footprint in eight countries and by 2030 in the entire Group
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.”
The ambition to achieve net zero emissions in 2050 requires demanding short, medium, and long-term objectives.
The insurance company’s Sustainability Plan 2022-2024 and Environmental Footprint Corporate Plan 2021-2030 include objectives that reflect the fact that the entity wants to play an active role in the “necessary and urgent transformation into a low-carbon economy.” In this regard, the company has committed to neutralising MAPFRE’s carbon footprint by 2024 in eight countries, and the challenge is to reduce the Group’s carbon footprint by 50% (compared to 2019) by 2030, and to neutralise the remaining carbon footprint for the Group as a whole.