AVIVA AIMS FOR NET ZERO BY 2040

Aviva has announced plans to become a net zero carbon emissions company by 2040. The strategy will see the UK insurer cease insuring, or investing in, companies that earn more than 5% of their revenue from coal or unconventional fossil fuels, by the end of 2021, unless they have signed up to the Science Based Targets initiative. By striving for net zero carbon by 2040, Aviva will cut the carbon intensity of its investments by 25% by 2025 and 60% by 2030. This is ahead of the 50% cut required by the Paris Agreement, and is the “most demanding target of any major insurance company in the world today,” Aviva said. The insurer’s progress will be validated by the Science Based Targets initiative. Amanda Blanc, Aviva’s chief executive officer, said: “As the UK’s leading insurer, we have a huge responsibility to change the way we invest, insure and serve our customers.”