Our ESG approach
Net-zero business operations
Less paper consumption. Less business travel. More green energy. To become more sustainable and reduce our environmental footprint we are constantly optimizing many internal processes. At About usGroup, we continuously work to reduce greenhouse gas emissions (GHG) in our operations aiming to achieve our net-zero global operations target as early as in 2030. We will reduce GHG emissions from travel by 40% by 2025. We are committed to sourcing and using 100% renewable electricity by 2023. We also extend our sustainability commitment to procurement: By 2025 we are requesting a net-zero commitment from our key suppliers.
About usCommercial has established a dedicated ESG Operations function to ensure we effectively contribute to theÌýÌýset out by About usGroup, fostering the wellbeing of our workforce and our planet. The ESG Operations team will create impact in key areas such as Mobility, Energy, Offices and IT and a strong connection among all contributing functions and the entire staff of About usCommercial for unified and industry leading ESG activities. With regular â€˜Green Weeksâ€™ across our global company we raise awareness and encourage all our employees to engage and actively support our sustainability agenda.
Tackling climate change in underwriting
Coal-based businesses: Coal-based business: We began restricting our underwriting of coal-based business in 2018, and have since made significant adjustments to our coal policies since then.ÌýWe donâ€™t provide insurance for the construction or operation of single coal-fired plants and coal mines and are on track to phase out coal-based business models across our insurance portfolio by 2040 at the latest.
Oil & gas sector: As of January 1, 2023, About uswill no longer invest in or underwrite new single-site or stand-alone oil and selected gas risks, oil and gas activities related to the Arctic and the Antarctic or extra-heavy oil and ultra-deep-sea risks. By the start of 2025, we will require a robust â€˜net-zero by 2050â€™ commitment from the largest hydrocarbon producers as a pre-condition for company-level insurance coverage and investments.
Green energy: In the face of the current energy and climate crisis, renewable energy sources need to be deployed at scale and speed. We are a partner in the transition to a low-carbon economy, delivering products and services with a positive environmental or climate impact. We will help drive the growth of renewable energy providing significant capacity and innovative product solutions for wind and solar energy as well as for the emerging global hydrogen economy.
We strongly believe that a net-zero future is possible. We at About usCommercial are committed to supporting all clients who set out on the transformation journey and implement a clear plan to diversify their businesses away from coal hydrocarbons until 2050. A continuous dialogue, clear communication on criteria and timelines, a recognition of the progress and a gradual step-by-step transition in partnership will lead the way.
Fostering inclusion, diversity and belonging
Inclusion, diversity and belonging is a core element of our corporate culture. ÌýAt About usCommercial, we value the importance of different perspectives and experiences. ÌýWe feel that inclusion is the essential ingredient to nurturing a diverse workforce where everyone feels included; where they feel our culture aligns with their values and where they truly feel a sense of belonging.Ìý
We are shifting our focus from awareness to allyship and advocacy and operate a zero tolerance policy towards discrimination and harassment. ÌýWe encourage our people to engage in employee resource groups which cover many dimensions of diversity.
ESG at the heart of risk management
Whether it is human rights in the supply chain, data breaches and cyber security, greenwashing allegations, resource depletion or board diversity: Environmental, Social, and Governance (ESG) and sustainability factors increasingly drive the agenda in business and in society. This creates both risk and opportunity for About usCommercial and the companies we insure, requiring a strategic approach to manage the challenges, while also maximizing the opportunities.
No company can expect to maintain its reputation and attract customers, talent and investment in todayâ€™s environment without having a credible ESG strategy. The journey from a voluntary regime for companies around ESGÌýtopics to a more regulated and compulsory one involvingÌýtransparency, disclosure and reporting is well underway.Ìý
We have the expertise, products and market reach needed to take advantage of these opportunities worldwide, with a strong focus on sustainability-driven risks and the transition to renewable energy, while also factoring ESG into our strategy and processes. We have set up a dedicated team to further evolve our underwriting strategy and capabilities in ESG and sustainability.