Proposals have been presented by the Commission towards the suggested idea.
Vienna Insurance Group Embraces Sustainability and CO2 Reduction
In the heart of Austria, the Vienna Insurance Group, a leading insurance provider, is making strides in the realm of sustainability under the leadership of Klaus Mühlder, its Head of Opportunity Management and Deputy General Manager. Mühlder also helms the Group Sustainability Office and the Opportunity Management department.
Mühlder, in a recent statement, dismissed the idea of offsetting CO2 emissions through activities like tree planting as a viable solution for the company. Instead, the Vienna Insurance Group is focusing on six impact areas: Investment, Underwriting, Office Operations, Employees, Customers, and Society.
The sustainability report of the Vienna Insurance Group, a result of Mühlder's efforts to oversee and coordinate the sustainability topic, aims to embed it into daily business operations. The report indicates the need for urgent action, although no specific advice on whether to buy or sell is provided in the recent analysis from September 18th.
The Vienna Insurance Group emits around 2 million tonnes of addressable CO2, currently valued at €140 million in the EU emissions trading scheme. The company aims to reduce these emissions by 30% by 2030 (based on 2023 levels) and achieve net-zero by 2050. Buying corresponding certificates for the two million tons of CO2 is not an option for the company.
Mühlder views the medieval indulgence trade of the Catholic Church as a comparison to buying carbon offsets. Instead, the company is focusing on long-term, orderly business practices, with profitability as the foundation for its sustainability efforts.
The Vienna Insurance Group also aims to be an attractive employer for diverse individuals beyond gender, moving away from academic title requirements in job postings. Mühlder believes that having ESG (Environmental, Social, and Governance) ambitions will not be a competitive advantage in the long run, but not doing so would be a disadvantage.
The biggest challenge in CO2 reduction plans, according to Mühlder, is accommodating simultaneous business volume growth. Despite this, the Vienna Insurance Group does not plan to scale back its ESG ambitions if regulation suddenly collapses, citing the company's 200-year history and its goal to keep it fit for the next 200 years.
Mühlder has never been tempted to focus on companies that other insurers no longer want for ESG reasons, expecting higher margins. Instead, the Vienna Insurance Group seeks to be a goal-oriented, pragmatic company, not dogmatic, expecting long-term (including monetary) benefits from this approach.
As the Vienna Insurance Group moves towards its 2030 emissions reduction goals, Mühlder stated that they should be able to say they've done their best to reach their current position by that time. The first milestone for the company's emissions reduction goals is 2030, with the ultimate goal of net-zero emissions by 2050.
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