01 Introduction and strategy 02 Measuring and managing sustainability 03 Climate change related disclosure 04 Strengthening our foundation 05 Our universal principles 05.1.2 Objective and action tables Climate related targets Objectives and actions: Climate Change Strategy Topic Objectives Progress and actions 2022 Reference Phase out of coal- based business models • Fully phase out coal-based business models across our proprietary investments and Property & Casualty (P&C) portfolios by 2040 at the latest, in line with the 1.5ºC pathway. • Engage with companies in proprietary investment as well as P&C portfolios to move away from coal. Reduce threshold for coal-based business models for P&C insurance as well as investment portfolios from current 30% to 25% share of coal in power generation or mining revenues as of 31 December 2022. For further insights into our the guideline and our divestments, please refer to our Group Sustainability Report 2022, chapter 03. For further insights into our divestments, please refer to section 03.3 . Also refer to our Non-Financial Statement, section Environmental matters, p. 63. Transition away from oil and gas • Restrict specified oil and gas project investments and single-site P&C insurance as of 1 January 2023. • Set expectations to companies with largest oil and gas production to commit to net-zero GHG emissions across all emission scopes by 2050 by 1 January 2025. • Launch of oil and gas guideline which restricts project investments in and single-site P&C insurance of exploration and development of new oil and new gas fields (upstream) , construction of new midstream infrastructure related to oil as well as construction of new oil power plants. • Furthermore, practices relating to Arctic and Antarctic, coal-bed methane, extra-heavy oil and oil sands, as well as ultra-deep sea are restricted. This pertains to both new and existing projects/operations. • Companies with largest oil and gas production need to commit to net-zero GHG emissions across all emission scopes by 2050 by 1 January 2025. For further insights into our transition away from oil and gas please refer to section 03.2. Also refer to our Non- Financial Statement, section Environmental matters, p. 63. For further insights into our the guideline, please refer to chapter 03. Allianz Group Sustainability Report 2022 140