QBE Insurance Group, a leading insurance company, has set target for net zero to reduce its carbon emissions. The company aims to achieve net-zero operational emissions by 2030 and has extended its commitment to include material Scope 3 emissions. QBE has also set specific goals to reduce Scope 1 and 2 carbon emissions by 30% by 2025 and to use 100% renewable electricity for its operations by the same year. Additionally, the company aims to achieve a 25% reduction in the carbon intensity of its developed market equity portfolio's Scope 1 and 2 emissions by 2025, relative to the baseline set in 2019.

In terms of its carbon emissions trends, QBE has reported that its Scope 1 and 2 emissions were 75% lower in 2022 compared to 2018, which serves as the base year for its emissions targets. However, in 2022, the company experienced an increase in emissions compared to the previous year due to a return to a business-as-usual operating environment, including increased office occupancy, business travel, and commuting. Despite this, QBE's Scope 3 emissions have only increased by 4% since 2018.

To achieve its emission reduction targets, QBE has taken several steps. The company has implemented energy efficiency measures in its smaller operations, such as LED lighting and appliance upgrades. It has also committed to using certified renewable electricity for its offices, excluding the Pacific Islands and Bermuda. QBE has maintained carbon neutrality for its defined inventory of emissions related to its global operations by offsetting residual emissions with certified carbon credits.

In terms of investments, QBE has focused on integrating environmental, social, and governance (ESG) considerations into its fixed income investments. The company aims to ensure that the companies it invests in are working towards net-zero alignment and targets. QBE is also actively involved in collaborative initiatives and industry committees focused on climate change and sustainability.

Overall, QBE Insurance Group is committed to reducing its carbon emissions and achieving net-zero targets. The company has made progress in reducing its Scope 1 and 2 emissions and has implemented measures to improve energy efficiency. By investing in renewable energy and adopting sustainable practices, QBE aims to contribute to a more resilient and equitable future while mitigating the risks associated with climate change.

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