Climate & Disaster Resilience Action Plan
IAG's action on climate change is driven by our purpose – to make your world a safer place – because we know that climate change poses a great risk to the safety and resilience of the communities we insure across Australia and New Zealand.
The science is clear that the impacts of a warmer climate will continue to increase the frequency and severity of significant weather events and the need for climate action at scale has never been more urgent.
Off the back of world leaders convening at the UN Climate Change Summit (COP26) to agree on global targets to achieve a safer, net zero future, we are pleased to launch our updated three-year Climate & Disaster Resilience Action Plan.
This Action Plan will evolve our approach to managing the risks and adapting to a changing climate, support resilience by collaborating with government, business and community partners, as well as reducing emissions at scale.
Our three focus areas
- Rethinking Risk – is about how we deal with climate change within our underwriting, pricing risk processes to make sure that our customers remain insured, while also managing the risks of climate change to our business.
- Transforming the System – is about continuing to collaborate with the business, government and community sectors on climate research, resilience and policy to encourage a net zero future.
- Driving to Zero – is about reducing our own emissions. We’ve committed to reducing our directly controlled emissions to net zero by 2050 across our value chain, including with suppliers and customers, and achieving 50% emissions reduction by 2030.
Progress on this Action Plan will be updated through annual public disclosures starting at the close of the FY22 reporting period.
Building on our FY19-21 Climate Action Plan
For nearly two decades, we have worked to understand climate change, its impacts on our business, and the ways we can help reduce climate risk for our customers and communities.
We publish annual Climate-related disclosures, which are aligned to the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations.
For information on our progress to date on climate action, read about our FY19- FY21 Climate Action Plan and its six-monthly scorecards.