QBE targets 100% renewable electricity
Marking World Environment Day, QBE Insurance Group announced it has joined with some of the world’s most influential companies in the RE100 initiative, committing to source 100 per cent renewable electricity across its global operations by the end of 2025.
Led by The Climate Group in partnership with the CDP, RE100 brings together more than 170 of the world’s most influential businesses committed to 100 per cent renewable electricity and accelerating change towards zero carbon grids, at a global scale.
QBE is the first Australian headquartered insurance business to join RE100.
QBE Insurance Group CEO, Pat Regan, said the shift to 100 per cent renewable electricity comes on top of QBE’s commitment to reduce overall energy use by 15 per cent by 2021 (from 2018 levels) and follows the company becoming carbon neutral in 2018.
“In 2018, we offset more than 47,000 tonnes of carbon dioxide equivalent across our operations in 31 countries around the world.
“Now, with this commitment to use 100 per cent renewable electricity by 2025, we are going a step further in our efforts to reduce QBE’s impact on the environment.
“As an international insurer, with insurance products covering a diverse portfolio around the globe, we are acutely aware of the risks and opportunities that climate change presents for our customers and our business. This decision aligns with QBE’s support for the objectives of the Paris Agreement and our efforts to support the transition to a lower carbon economy.”
Sam Kimmins, Head of RE100, The Climate Group, said: “As one of Australia’s largest insurance companies, QBE knows the financial risks of inaction on climate change. With the price of clean power continuing to fall, joining RE100 and committing to source 100% renewable electricity brings new business benefits and accelerates the shift to a clean economy – it’s a win-win.”
To support the shift to 100 per cent renewable electricity, QBE will seek to source renewable electricity locally in each of its operating divisions. Where this isn’t possible, renewable energy certificates will be purchased to achieve the 100 per cent goal.
QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated. Listed on the Australian Securities Exchange, QBE’s gross written premium for the year ended 31 December 2018 was US$13.7 billion.
As a business insurance specialist, QBE European Operations offers a range of insurance products from the standard suite of property, casualty and motor to the specialist financial lines, marine and energy. All are tailored to the individual needs of our small, medium and large client base.
We understand the crucial role that effective risk management plays in all organisations and work hard to understand our clients’ businesses so that we offer insurance solutions that meet their needs – from complex programmes to simpler e-trading solutions – and support them in minimising their risk exposures. Our expert risk management and rehabilitation practitioners focus on helping clients improve their risk management so that they may benefit from a reduction in claims frequency and costs.
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