Rome – At a meeting chaired by Gabriele Galateri di Genola, the Assicurazioni Generali S.p.A. Board of Directors today approved the strategy on climate change.
For many years now, Generali Group has been actively adjusting its business, making it increasingly sustainable, consistent with the commitment of the community in tackling the most significant global challenges, beginning with those related to climate change. The strategy approved today, which will be followed by specific policies, is in line with the principles of the Global Compact, in which Generali has participated for several years, and with the Paris Pledge for Action defined as part of COP 21, which Generali joined in 2015.
The strategy includes actions in investments and underwriting, which represent the Group’s core activities.
With regard to investments, Generali, as asset owner (general account investment), will increase its exposure to green businesses and gradually divest from coal-related companies. For underwriting, the range of products with environmental value will increase, maintaining a minimum level of exposure in the coal sector.
Group CEO Philippe Donnet stated: “Protecting the environment and adopting effective actions to tackle climate change are central issues for Assicurazioni Generali.
With this action plan, which follows a series of initiatives undertaken in the last several years, the Company strengthens its leadership position as a responsible business, to contribute to a healthy, resilient, and sustainable society.”
For its general account, Generali commits to developing the following actions:
For premiums related to non-Life products, Generali commits to developing the following actions:
In countries in which the economy and employment depend heavily on the coal sector, Generali will involve issuers, clients, and other stakeholders through constant dialogue, monitoring their plans to reduce environmental impacts, the strategy to transition to activities with low environmental impact, and measures envisaged for protecting the community and citizens. Information provided will be evaluated occasionally to then define more specific actions.
Generali uses the following stringent criteria to define coal-related businesses: