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The Allianz Net Zero Accelerator supports selected independent brokers begin their journey to net zero.

Independent brokers are invited to apply for a chance to complete a carbon footprint calculator to find out their carbon emissions. Selected independent brokers will then also be eligible for bespoke one-to-one consultancy to help create an action plan to reduce their carbon emissions.

Allianz will also be offsetting all of the 2021 carbon emissions of selected brokers tracked through the programme.

We’ve developed a handy guide to help brokers understand more about what their journey towards carbon zero could look like.
Sustainability jargon-buster

From carbon neutral to net zero to carbon offsetting. What do all these words mean? Here’s an explanation of some of the most used jargon.

Sustainability: meeting the needs of the present without compromising the ability of future generations to meet their needs. The concept of sustainability is composed of three pillars: economic, environmental and social.

Carbon footprint (and why it’s a good place to start!): a carbon footprint is the quantification of all activities that release greenhouse gases to the atmosphere. For office-based businesses such as insurance brokers this includes heating, lighting and electricity for offices, some business travel such as car mileage or flights, and emissions from employees working from home. By measuring your business’s carbon footprint, you can then work out what the most effective changes are that you can make to reduce it.

Carbon dioxide and offsetting emissions: carbon dioxide (CO2) is a greenhouse gas emitted to the atmosphere where it absorbs and radiates heat. Regardless of where it’s emitted or the source, it will have an impact on the climate. This means that emissions in one place in the world could theoretically be compensated in another by investing in projects that absorb emissions, such as forest preservation, afforestation or carbon capture.

Carbon neutral: any carbon dioxide released into the atmosphere from business operations and activities is balanced by the equivalent amount being removed.

Net zero: Globally, business, governments and society are on a pathway to reduce emissions so that global warming is limited to 1.5°C, the threshold (as agreed by the Paris Accord) considered acceptable to maintain healthy and sustainable life on Earth.

A business is considered “net zero” when it is able to ensure it removes as many greenhouse gas emissions from the atmosphere as it creates through its business operations. Greenhouse gas emissions can be removed through nature based solutions like reforestation or through technology like direct air capture. But it’s always better to avoid or reduce emissions in the first place and that’s where your pathway to net zero comes in.

Test your knowledge further

If you’ve enjoyed finding out about how you can help your business work towards becoming net zero, you may like to read more about climate change, both within the insurance industry and the wider world:

 

Association of British Insurers Climate Change Roadmap

For further reading on the industry initiative:

 https://www.abi.org.uk/about-the-abi/sustainability/climate-change-roadmap/?timeout=s

 

Net Zero Insurance Alliance

The eight largest insurers, including Allianz, are co-founders and signatories of this initiative driving action across the industry:

 https://www.unepfi.org/net-zero-insurance/

 

The Greenhouse Gas Protocol 

All the details of what constitutes a carbon footprint, in thorough detail:

 https://ghgprotocol.org

 

The Oxford Carbon offsetting principles 

Carbon offsetting takes various forms, these principles set out best practices:

https://www.smithschool.ox.ac.uk/publications/reports/Oxford-Offsetting-Principles-2020.pdf

 

The Science Based Targets Initiative 

The main organisation setting and agreeing science based targets to meet net zero commitments:

https://sciencebasedtargets.org

This promotional material is intended for insurance broker use only and no-one else should rely upon it.
It must not be made available to anyone other than the intended recipient, either in its original form or any reproduction.