Generali has signed an appeal by European business leaders and investors calling on EU heads of state and government to cut domestic greenhouse gas emissions by at least 55% (from 1990 levels) by 2030, raising the previously set 40% target.
Generali's involvement in this initiative is consistent with its commitment to sustainability across all business segments. In line with the EU approach, the Group has always been among the initiators of efforts to achieve the 2030 goals by adopting a strategy based on a set of priorities:
financing the transition to a sustainable, low-emission society through new green and sustainable investments totaling € 2.7 billion in 2019;
reducing the carbon footprint of the Group's investment portfolio and supporting customers in their transition to green, with more than € 1.3 billion in premiums collected for environmental products. Moreover, in 2019 Generali became the first insurance company in Europe to issue subordinated green bonds (€ 750 million)
dialogue and participation of stakeholders such as politicians, nongovernmental organizations and companies in a “just transition” that combines decarbonization strategies with social protection measures.
Generali is also active in various green finance working groups such as the Net-Zero Asset Owner Alliance, a group of 29 pension funds and insurance companies, with an investment portfolio of around $ 5 trillion. Organized by the United Nations, it aims to reduce net greenhouse gas emissions in its portfolios to zero to avoid global temperatures exceeding 1.5 ° C in line with the Paris Agreement.
Generali's commitment also extends to aligning economic recovery with a transition to sustainable development: which is why the Group joined the European Green Recovery Alliance and decided to commit nearly € 1 billion towards a sustainable economy.
By signing a divestiture from the Corporate Leadership Group, Generali reaffirms its commitment to accelerate and focus on the transition to 2050 by supporting necessary legislative amendments and continuing to invest in a green economy, knowing that global “climate ambition” is critical to Europe's competitiveness in the world.