Climate change is a key material risk for QBE, impacting our business and customers. We support the international climate agreement developed at 2015 Paris Conference. This agreement united 195 countries in a single agreement to each restrict temperature rises in this century to well below 2C to mitigate against the impacts of climate change.
We are committed to identifying, managing and disclosing our climate-related risks and opportunities in line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. Our Climate Change Action Plan can be found in our 2019 Annual Report.
For our own global operations, we have taken several steps including becoming carbon neutral and setting the following targets:
- 20% reduction in air travel by 2021 (from 2017 levels);
- 15% reduction in energy use by 2021 (from 2018 levels);
- 100% renewable electricity use for our operations by 2025* (from 2018 levels); and
- 30% reduction in scope 1 and 2 carbon emissions by 2025 (from 2018 levels).
*QBE is the first Australian headquartered insurance company to join RE100. RE100 brings together the world’s most influential businesses committed to 100 per cent renewable electricity and accelerate change towards zero carbon grids, at a global scale. Further information can be found here.
We will report our progress towards achieving these targets within our annual Sustainability Report.
 Our carbon emission reduction target is a science-based target that has been calculated in line with the most ambitious decarbonisation scenario, which is the 1.5C scenario.