6

As an international insurer and reinsurer, we see first-hand the impacts of climate change on our customers and communities. Climate change presents a material risk for our customers and our business, but it’s also driving innovation and new opportunities. 

As a company that helps people and business protect themselves from risk, QBE has a strong focus on sustainability. We know that it is an integral part of achieving our purpose, understanding the needs of our customers, and ensuring the future viability of our own business. We report on our progress in line with the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) recommendations. Our TCFD disclosures can be found in our Annual Report.

We have committed to be a net-zero emissions organisation across our global operations by 2030 and in our investments and underwriting by 2050. Our commitment is demonstrated through our membership of the UN-convened Net-Zero Asset Owner Alliance and the UN‑convened Net Zero Insurance Alliance. As part of our membership, we commit to transitioning our investment and underwriting portfolio to net-zero emissions by 2050. 

In 2021, we achieved RE100 and sourced 100% of our global electricity from renewable sources. We’re continuing to drive performance and transparency against our climate-related goals. We have also continued to maintain carbon neutrality and have set a new commitment to achieve net-zero emissions (Scope 1 and 2) across our operations globally by 2030. Our progress towards achieving these targets is reported in our annual Sustainability Report.

We support the Paris agreement, which unites 191 countries and the European Union to limiting the global temperature rise this century to well below 2°C, and helping mitigate the impacts of climate change. As an insurer whose role is to financially protect people and their assets, support recovery efforts in times of catastrophe and reduce the economic and social impacts of climate change on our customers and communities, we accept scientific evidence and assessments made by the Intergovernmental Panel on Climate Change, and continue to work towards a net-zero future. Most importantly, we remain committed and focused on helping our customers adapt to both the risk and the opportunities created by climate change.