QBE Insurance says it is now a member of Net-Zero Insurance Alliance (NZIA), a United Nations-convened bloc that brings together insurers and reinsurers to support the green transition.

NZIA members are committed to individually transitioning their underwriting portfolios to net-zero greenhouse gas emissions by 2050, consistent with a maximum temperature rise of 1.5 degrees above pre-industrial levels by 2100.

QBE says in a LinkedIn post it will work with the insurance industry to help define the methodology needed to assess the carbon intensity of underwriting portfolios and setting science-based intermediate targets.

“We commit to the gradual transition of our underwriting portfolio to #netzero greenhouse gas emissions by 2050, as we continue to also support our customers’ transition to a net zero economy,” the QBE post said.

“In 2020, QBE joined the UN-convened Net-Zero Asset Owner Alliance and as part of this group we are also transitioning our investment portfolio to net zero by 2050.”

The founding members of the NZIA are: Axa (Chair), Allianz, Aviva, Generali, Munich Re, SCOR, Swiss Re, and Zurich. It is convened by the UN Environment Programme Finance Initiative and chaired by Axa Group Chief Risk Officer Renaud Guidée.