Taking climate action
How NN is addressing the transition to a low-carbon economy
Climate change is one of the most pressing risks of our time. The world has experienced many negative changes due to global warming, including extreme weather and disruptions in livelihood. If, as a global community, we do not take rapid action, there will be lasting consequences for ecosystems, human health, and security. 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; as an international financial institution, we take the role we can play in combating climate change very serious. In fact, to combat the impacts of climate change we need to act now. The financial sector can play a key role in enabling the transition towards a low-carbon economy. At NN, we are committed 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 goals of the Paris Agreement to help limiting global warming to 1.5°C by the end of this century. This can only be achieved if we pursue the long-term goal of a low-carbon economy and society by 2050. This is why we have set net-zero targets for our operations by 2040, and for our proprietary investments and insurance underwriting by 2050.
Our Climate Action Plan 2022 sets out our initial steps and plans of action to reduce greenhouse gas (GHG) emissions to reach this goal.
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.
Our Climate Action Plan gives an overview of the various climate related commitments, endorsements and memberships.
Please refer to Governance, memberships and endorsements for a complete overview.