GlobalData offers a comprehensive analysis of QBE Insurance Group, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on QBE Insurance Group‘s ESG performance. GlobalData’s company profile on QBE Insurance Group offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
QBE Insurance Group has set a net-zero target for its operational emissions by 2030, expanding its commitment to include material Scope 3 emissions. QBE Insurance Group's latest filings mentioned the keywords 'Emissions' and 'Climate Change' most number of times in relation to 'Net Zero'.
The company aims to reduce Scope 1 and 2 carbon emissions by 30% by 2025, maintain a low carbon risk rating in the Scope 1 and 2 weighted average carbon intensity of its investment grade corporate credit portfolio, and achieve 100% renewable electricity by 2025. QBE has maintained carbon neutrality for its defined inventory of emissions related to its global operations, and 100% of its electricity use across its offices (excluding the Pacific Islands and Bermuda) was certified as renewable this year. The company's Scope 1 and 2 emissions were 75% lower than in 2018, and its Scope 3 emissions have increased just 4% since 2018 despite the inclusion of additional emissions sources. QBE Insurance Group disclosed its Scope 1, Scope 2 (heat and market-based electricity) and Scope 3 emissions for 2022 in it 2022 Sustainability Databook as 6,448 tCO2e, 1,284 tCO2e and 19,594 tCO2e respectively.
QBE has taken steps to reduce its emissions, including implementing an updated policy for its fleet vehicles in the UK, which stipulates that only hybrid and electric vehicles will be used. The company has also invested in renewable energy initiatives and social services through its Premiums4Good program, and monitors and reviews its fixed income investments in relation to ESG considerations. QBE contributes to collaborative initiatives including the Partnership for Carbon Accounting Financials, International Underwriting Association's Climate Risk Committee, and ClimateWise Nature and Insurance Task Group. The company has developed a methodology for its net-zero insurance-associated emissions project and held net-zero sprints to consult on its sustainability strategy and define net-zero opportunities.
In conclusion, QBE Insurance Group has set a net-zero target for its operational emissions by 2030 and is taking several steps including reducing its scope and scope 2 emissions and investments in renewable energy initiatives. The company has developed policy recommendations for the Australian Government to accelerate climate action and played key roles on the Insurance Council of Australia's Climate Change Action Committee. QBE aims to have an impact on the transition of the real economy to net zero by engaging with its customers and insuring the transition.