QBE Targets 100 per cent renewable electricity
Marking World Environment Day, QBE Insurance Group today announced it had joined with some of the world’s most influential companies in the RE100 initiative, committing to source 100 per cent renewable electricity across its global operations by the end of 2025.
Led by The Climate Group in partnership with the CDP, RE100 brings together more than 170 of the world’s most influential businesses committed to 100 per cent renewable electricity and accelerating change towards zero carbon grids, at a global scale.
QBE is the first Australian headquartered insurance business to join RE100.
QBE Insurance Group CEO, Pat Regan, said the shift to 100 per cent renewable electricity comes on top of QBE’s commitment to reduce overall energy use by 15 per cent by 2021 (from 2018 levels) and follows the company becoming carbon neutral in 2018.
“In 2018, we offset more than 47,000 tonnes of carbon dioxide equivalent across our operations in 31 countries around the world.
“Now, with this commitment to use 100 per cent renewable electricity by 2025, we are going a step further in our efforts to reduce QBE’s impact on the environment.
“As an international insurer, with insurance products covering a diverse portfolio around the globe, we are acutely aware of the risks and opportunities that climate change presents for our customers and our business. This decision aligns with QBE’s support for the objectives of the Paris Agreement and our efforts to support the transition to a lower carbon economy.”
Sam Kimmins, Head of RE100, The Climate Group, said: “As one of Australia’s largest insurance companies, QBE knows the financial risks of inaction on climate change. With the price of clean power continuing to fall, joining RE100 and committing to source 100% renewable electricity brings new business benefits and accelerates the shift to a clean economy – it’s a win-win.”
To support the shift to 100 per cent renewable electricity, QBE will seek to source renewable electricity locally in each of its operating divisions. Where this isn’t possible, renewable energy certificates will be purchased to achieve the 100 per cent goal.
More information on QBE’s Sustainability commitments can be found here and a detailed summary of QBE’s approach to climate change is available here.
Led by The Climate Group in partnership with CDP, RE100 is a collaborative initiative bringing together the world’s most influential businesses committed to 100% renewable
power. Renewables are a smart business decision, providing greater control over energy costs while helping companies to deliver on emission reduction goals. RE100 members,
including Global Fortune 500 companies, have a total revenue of over US$4.5 trillion and operate in a diverse range of sectors – from information technology to automobile
manufacturing. Together, they send a powerful signal to policymakers and investors to accelerate the transition to a low carbon economy. RE100.org | #RE100
QBE is listed on the Australian Securities Exchange (ASX) and headquartered in Sydney. We employ more than 12,000 people in over 31 countries. QBE is a general insurance and reinsurance company. Across our operations we offer commercial, personal and specialty products and risk management solutions to our customers. Our purpose is to give people the confidence to achieve their ambitions.