Grupo Catalana Occidente joins the UN-convened Net-Zero Insurance Alliance

"With this union, the insurance group pledges to reduce carbon emissions in its underwriting portfolios by 2050."

Grupo Catalana Occidente, as part of its sustainability strategy, has pledged its support to the UN-convened Net-Zero Insurance Alliance, NZIA, established by the United Nations Environment Programme Finance Initiative (UNEP FI). This alliance brings together fifteen of the world's leading insurers and reinsurers to play their part in accelerating the transition to net-zero greenhouse gas (GHG) emissions by 2050 in their underwriting portfolios, this way contributing to limiting the global temperature rise to 1.5°C above pre-industrial levels by 2100.

In keeping with this commitment, Grupo Catalana Occidente will set science-based intermediate targets that will permit it to support the transition to net-zero emissions and successfully set science-based decarbonisation targets for its respective investment portfolios in line with a net-zero transition pathway. It will also report on its progress publicly on an annual basis. 

Furthermore, the commitments made by insurers and reinsurers are accredited by the UN global campaign Race to Zero, which rallies leadership and support from businesses, cities, regions and investors for a healthy, resilient, zero carbon recovery by 2050. The agreed targets are reviewed by an independent group of scientific and technical experts and practitioners.

The CEO of Grupo Catalana Occidente, Hugo Serra, stated that "as an Insurance group, we believe that the insurance sector plays a key role in the fight against climate change, not only by mitigating the economic effects of natural disasters, but also through our capacity to prevent damage." Serra added, "we are convinced that the insurance industry can play a key role in accelerating the transition to net-zero emissions economies, through our investment decisions and through the insurance coverage we offer our customers."

Commitment to sustainability

Grupo Catalana Occidente integrates the creation of sustainable value in its business strategy, by focusing not only on obtaining good financial results but also on the well-being of its stakeholders and society as a whole. Grupo Catalana Occidente thus commits to integrating responsible and sustainable management in environmental, social and economic aspects into its business strategy.

In this regard, Grupo Catalana Occidente supports the Sustainable Development Goals (SDGs), adheres to the Ten Principles of the UN Global Compact and is a signatory to the Principles for Sustainable Insurance (PSI) and the Principles for Responsible Investment (PRI).  The Group's climate strategy is set forth in its climate change and environmental policy, which establishes specific commitments and processes for improving environmental performance and reducing GHG emissions.