Allianz.com: Mr. Löffler, why are these companies calling for climate action now?
Karsten Löffler: 196 countries had until the end of March to submit their climate targets and measures to the United Nations. But only very few have stuck to the deadline. I'm actually optimistic, and I think they'll all submit eventually. But it won't be enough to reach the target agreed in Copenhagen in 2009, namely, limiting global warming to 2 degrees Celsius. CO2 emissions across the globe would need to start declining from 2020 onwards to achieve this. In countries like China or India, where energy production is still heavily dependent on coal, emissions will increase for some time to come.
The private sector can offer climate solutions (e.g. renewable energy), but is also affected by climate change (e.g. business interruption resulting from natural catastrophes). The announcement emphasizes that we also have a responsibility for engaging actively in global climate efforts, and that we offer our support to politicians.
Which steps could be taken, or must be taken, before the climate summit in Paris at the end of the year?
The World Bank meeting that the announcement addresses, is one of several important meetings with climate change on the agenda in the run-up to Paris. We're hoping for concrete financing commitments from industrialized nations . This is a particularly important factor for a successful outcome as it would enable developing countries to also adopt binding climate targets.
Interim negotiations will take place in Bonn at the start of June. The climate targets submitted to date will play a role there. However, it will be chiefly about further advancing the negotiation text. At the same time, the heads of the G7 nations will gather in Elmau – the necessary steps for a successful climate treaty in Paris will also be discussed here.
How is Allianz affected, and how does the company contribute to climate protection?
Our customers, and we as an insurer, are affected by the consequences of climate change. Rising sea levels, more frequent storms or droughts such as the one currently affecting California lead to great losses. We know how to cope with risks like these, and can help others to do so, too.
We offer our customers a choice between more than 150 green products, and are a leading investor in renewable energy with a stake in this field totaling more than 2 billion euros. We have reduced our CO2 footprint per employee since 2006 by 41.3 percent and compensate remaining emissions by investing in climate projects. For example, we're investing in species-rich forests on the southern coast of Borneo. These are also important carbon sinks. This investment has prevented the slashing and burning of the woods for palm oil plantations.
In addition, we've also been calling publicly for climate protection for over 20 years, as a partner of the United Nations, as an observer of the international climate negotiations, and via partnerships with notable institutions, as shown here with the World Economic Forum's announcement.
