Taking climate action
How NN is addressing the transition to a low-carbon economy
Climate change is an urgent and global problem. It is not only about the climate. It is, among others about people, the living environment, food supply, and health. Climate change impacts us all. As a financial institution, NN Group has a key role to play in ensuring a sustainable future for all generations. The choices we make today impact the world of tomorrow; NN Group wants to be a leader in this global effort. In fact, to combat the impacts of climate change we need to act now. Most importantly, we need to accelerate a just transition to a low-carbon economy, where no one is left behind.
Towards net-zero greenhouse gas emissions by 2050 at the latest
In June 2020, NN Group announced its new strategy, including our commitment to accelerate the transition to a low carbon economy. In our role as insurer and investor, most of our greenhouse gas (GHG) emissions are not within our own direct operations, but within our investment, insurance and banking activities. At NN, we are committed to align all our business activities with the Paris Agreement to limit global warming to 1.5°C by reaching net-zero targets by 2050. In this, NN tackles climate change across its total span of influence starting with getting our own house in order (scope 1 & 2), and expanding to supporting our clients, investees, and other external stakeholders (scope 3) to reach the climate goals.
Commitments and cooperation
Our actions are founded on the Paris Agreement commitment and other (inter)national commitments and collaborations. In 2015, NN signed the Paris Pledge for Action. To strengthen our ambition and to play our part in achieving the Paris Agreement goals, we also endorsed several other commitments and joined forces with our industry peers to strengthen our knowledge and increase our impact.
For instance, regarding our investment activities, we have signed the Paris Aligned Investment Initiative, Net Zero Asset Owner Commitment and joined the Institutional Investors Group on Climate Change (IIGCC). We have also signed the Commitment of the financial sector to the Dutch Climate agreement to contribute to targets as being set in the Paris Agreement, for example considering the carbon reduction targets.
For our insurance activities, we have signed the Net-Zero Insurance Alliance (NZIA) for which we commit to bring our insurance underwriting portfolio to net-zero by 2050.
Next to this, we are part of (sector) initiatives, for example; PCAF (Partnership for Carbon Accounting Financials) for investments and insurance, to develop methodologies to measure the carbon footprint of our investment and insurance portfolio. to helps us reach our Paris Alignment goals.
For more information, please refer to Governance, memberships and endorsements.