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QBE commits to 100% renewables

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QBE has joined the RE100 initiative, a global leadership project in which major companies commit to using 100% clean electricity by the end of 2025.

It is the first Australian-headquartered insurer to sign up, joining the likes of Swiss Re, Allianz and Axa, and corporate giants Apple and Ikea.

“[Last year] we offset more than 47,000 tonnes of carbon dioxide equivalent across our operations in 31 countries around the world,” CEO Pat Regan said.

“Now, with this commitment to use 100 per cent renewable electricity by 2025, we are going a step further in our efforts to reduce QBE’s impact on the environment.

“This decision aligns with QBE’s support for the objectives of the Paris Agreement and our efforts to support the transition to a lower-carbon economy.”

As a RE100 member, QBE will aim to source clean electricity locally in all its operating divisions. Where this is not possible, renewable energy certificates will be purchased.

In recent months QBE has taken steps to address climate change issues facing insurers. It plans to withdraw from coal-related businesses in the next financial year and is aiming for zero direct investment in the thermal coal sector by July 1.

QBE expects to have phased out all underwriting business for thermal coal customers, except statutory or compulsory insurance, by January 1 2030.