01 Our vision of 02 Sustainable 03 Active 04 Strengthening sustainability 05 Appendices sustainability investing stewardship in our operations 04.4 Managing the environmental impact of our operations GHG emissions – breakdown by source and proportions in tons tCO2 equivalents* Reducing energy consumption The ongoing transition away from per employee Our 2025 target is to reduce energy local data centres towards public 3.8 consumption in our o昀케ce buildings by cloud computing also further 9% against the 2019 baseline. decreased the use of non-o昀케ce-related In 2023, we achieved a 35% decrease electricity consumption. per employee in our energy consumption We expect the expansion of these energy- across o昀케ce buildings (2022: 14%), saving initiatives to facilitate a long-term 2.0 despite an increase in o昀케ce presence decrease in our energy consumption in 1.6 in comparison with 2022. 2024 and beyond. 1.5 GHG target These reductions come from more e昀케cient Energy consumption accounted for 30% by 2025: tCO2e/employee 0.9 1.8 tCO2e energy management and changes in the of AllianzGI’s total emissions in 2023 per employee operation of our business. Sample actions (2022: 46%), to a large extent from include centralised regulation of heating heating our o昀케ce buildings. In comparison and cooling in o昀케ces, including switching with the global 2019 baseline, we have 2019 2020 2021 2022 2023 o昀昀 the system out of hours, the rolling achieved an energy-related emissions baseline out of winter and summer energy savings reduction of 72% (2022: 59%). Since 2021, *tCO2 equivalents = tCO2e programmes and o昀케ce refurbishments 100% of the electricity we use in o昀케ce Travel Paper Energy (total) and consolidations across Europe. buildings and local data centres has come Changes in our business structure also led from renewable sources. Where heating Target: 52% reduction by 2025 (against 2019 baseline). is not powered by renewable electricity, Actual: 57% reduction 2019–2023. to the decrease of our business activity in the US market, resulting in a reduced we work to 昀椀nd more sustainable energy Source: Allianz Global Investors, as at 31 December 2023. workforce and o昀케ce space closures solutions in the market. In line with Allianz Group’s intermediate Capturing the full scope of the impact of that contributed towards the decline in target to achieve a 65% reduction in GHG our operations, particularly by looking at our energy consumption. We are also emissions across its operations by the end the emissions along our entire value chain introducing tailored minimum building of 2029, we have put initiatives in place to of the 昀椀rm, is equally important. We will standards to align energy and building reduce our footprint GHG emissions, which gradually extend our measurement of management across our locations. are closely monitored throughout the year. emissions and impact to upstream and downstream activities that we identify as material. Allianz Global Investors Sustainability and Stewardship Report 2023 87