In the 2024 reporting year, VIG developed its first transition plan for climate change mitigation. The content of this plan is based on the VIG sustainability programme and describes the path to achieving emission reduction until 2030 for selected portfolios in the areas of asset management, underwriting, and operations. With the transition plan, VIG is pursuing the goal of reducing absolute greenhouse gas emissions in the selected portfolios in line with the Paris Climate Agreement. For this purpose, VIG has opted for a scientifically based net-zero pathway as a reference for its target setting and has selected the “Net Zero 2050” scenario developed by the Network for Greening the Financial System (NGFS), which is consistent with the goal of limiting global warming to 1.5 degrees Celsius through strict climate policies and technological innovations.
VIG Transition Plan for Climate Change Mitigation
VIG Transition Plan for Climate Change Mitigation1
Asset Management |
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Corporate bonds & equities |
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| Real Estate | |||
Underwriting |
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| Corporate Business | |||
Operations |
Starting Point2023 Base year
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1218310 tCO2e |
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39,9 kgCO2e/m2 |
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680105 tCO2e |
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38066 tCO2e
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Interim Target2030 Reduction by 30%
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869874 tCO2e |
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27,9 kgCO2e/m2 2 |
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485633 tCO2e |
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27027 tCO2e
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Target2050 Net Zero
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| In line with the Paris Climate Agreement, VIG is pursuing the Ambition of reducing greenhouse gas emissions in selected portfolios to net zero by2050. |
Spheres of Impact in the transition plan for climate change mitigation
Asset Management
How we invest today will impact our future. Responsible investments can contribute to climate and energy transition and help tackle societal challenges. VIG therefore pursues the long-term ambition of reducing greenhouse gas emissions from certain asset classes to net zero by 2050. In asset management, the focus is currently on the portfolio of corporate bonds, equities and other non-fixed-income securities. For this, VIG has set its first interim-target which is stating that from the base year 2023, emissions are to be reduced by around 30% by 2030 in line with the chosen net-zero scenario. In addition, part of the real estate portfolio was included in the transition plan during the 2025 reporting year. Based on the base year 2023, the emissions intensity is to be reduced by 30% by 2030. Due to VIG's limited control options, this interim target does not currently align with the 1.5-degree target. (For details on the targets set in asset management, see the Transition Plan for climate change mitigation)
The set targets can be achieved by implementing the following
Decarbonisation levers
Corporate bonds, equities and other non-fixed-income securities
- Reinvestment of the corporate bonds of the top CO2e issuers with a maturity before 2030 in issuers with an average CO2 e sector intensity
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Consideration of CO2e intensity (VIG’s net zero target intensity by 2030) in new investments
- Reduction of investments in high-emission sectors and exclusion criteria for new direct investments in thermal coal and unconventional oil and gas
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Engagement with investee companies and potentially investable companies
Real Estate
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Implementation of energy-efficiency measures
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Reduction in the use of emission-intensive heating systems and increase in the use of renewable energy
Underwriting
In addition to investments, underwriting is a core activity for insurers and an important lever for contributing to transformation processes. The VIG Group aims to reduce greenhouse gas emissions from its corporate portfolio to net zero by 2050. Despite the limited opportunities for low-emission alternatives in Central and Eastern Europe compared to Western Europe, VIG has also set a sciencebased reduction target for its corporate portfolio. Starting from the base year 2023, emissions are to be reduced by around 30% by 2030. (For details on the targets set in underwriting, see the Transition Plan for climate change mitigation)
The set targets can be achieved by implementing the following
Decarbonisation levers
- Reduction of underwriting of high-emission customers without transition plans or reduction targets
- Consideration of CO2e intensity (VIG’s net zero target intensity by 2030) in new business
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Focus on renewable energy coverage
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Reduction of insurance coverage in CO2e-intensive sectors through exclusion criteria in particularly emission-intensive industries such as thermal coal
- Engagement with policyholders
Operations
In operations, the focus is on emissions from the operation of office infrastructure and company vehicles as well as from business travel by plane. The ambition is also to achieve net zero by 2050. The science-based target for office operations is also to reduce emissions by around
30% by 2030 in comparison to the base year 2023. (For details on the targets set in operations, see the Transition Plan for climate change mitigation)
The set targets can be achieved by implementing the following
Decarbonisation levers
- Expanding the use of renewable energy
- Optimizing energy consumption for heating and cooling
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Switch to low-emission or electric vehicles in the company’s own fleet