01 Introduction and strategy 02 Measuring and managing sustainability 03 Climate change related disclosure 04 Strengthening our foundation 05 Our universal principles 01.5 Our climate approach As one of the world’s largest insurers and investors, we are committed to limiting global warming and fostering a just transition to a low-carbon future. We seize opportunities to drive dec arbonization and climate resilience through our resources, partnerships, expertise, and influence. Our ambition is to be a trusted partner for our clients and investees across different sectors in the transition towards net-zero. Our climate approach is grounded in the A llianz Group Climate Change Strategy, which has been in place since 2005. With a special focus on SDG 13, Climate action, we integrate climate considerations in our organization and across our business areas. We further strengthen our climate action b y collaborating with private and public partners, in line with SDG 17, Partnerships for the goals. Examples of partnerships include our work with the U.N.-Convened Net-Zero alliances: Net-Zero Asset Owner Alliance (NZAOA), Net-Zero Insurance Alliance (NZIA). Allianz Global Investors is part of the Net-Zero Asset Manager initiative (NZAM, not U.N.-Convened). Our Climate Change Strategy Allianz has had a Climate Change Strategy in place since 2005. With the rapid development of knowledge on climate-related matters, we continually review our strategy to ensure it is in line with the latest science. The strategy is built around the three pillars, through which we can have an impact: Anticipate. Care. Enable. Anticipate the risks of a changing climate Our climate strategy aims to anticipate the risks of a changing climate and we systematically consider climate and sustainability criteria in our insurance and investment business. We constantly update and develop our appr oach to identifying and managing climate change risks and opportunities. We also systematically engage with investee companies and clients exposed to high climate and sustainability risks. Our engagement process includes advice and encouragement on how to define and pursue climate strategies in line with the latest science. Care for our customers We support our insurance customers in reducing their climate-related damage and risks through adaptation and low- carbon developments. This is particularly important as natural catastrophes increase due to climate change. We are piloting new approaches that c ombine insurance protection with measures that strengthen resilience and promote positive behavior change. This includes incentivizing people and businesses to reduce risk, for example through advice programs. On the insurance side, we invest in data and technolo gy to better understand the natural catastrophe perils that impact our clients. Because many people still do not have an y insurance, we also collaborate with our peers, governments and civil society to help close the protection gap in vulnerable parts of society. Finally, we support scientific research and inno vation that improves society’s understanding of climate-related risks, for example through the Allianz Climate Risk R esearch Award. Enable the low-carbon transition We aim to enable the journey to net-zero for our own operations, our investees, and our insurance customers. Our ambition is to be a trusted insurance and investment partner for a wide range of industries and customers at varying stages along their net-zero transformations. Our business strategy aims to s ystematically enable a low-carbon and climate-resilient future. We focus on key sectors with high emissions and the need for transformation. The energy and transportation sectors are prime e xamples. We aim to strategically invest in low-carbon assets and insure low-carbon technologies. Grounded in our belief in science-based decision making, w e support partners, investees, and clients along the path to net-zero. To be the change we want to see in the w orld, we also commit to pursuing net- zero emissions within our own operations. Find out more about climate in our business activities in sections 02.1 to 02.3 and in our own operations in section 02.6. Find our climate-related financial disclosure in chapter 03. 12 Allianz Group Sustainability Report 2022 > >