Business Wire

Oliver Bäte, Allianz CEO, Addresses United Nations Climate Ambition Summit

Share

Yesterday, leaders from 34 governments along with seven non-government bodies, including Californian governor Gavin Newsom, London mayor Sadiq Khan, the World Bank president, the Chief Executive of insurer Allianz, and the head of the UN’s Green Climate Fund, addressed the summit.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230921957666/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

Oliver Baete, Allianz CEO, speaking at the UN Climate Ambitions Summit on September 20, 2023. (Photo: Business Wire)

Allianz CEO Oliver Bäte was representing the UN-Convened Net-Zero Asset Owner Alliance (NZAOA) and Allianz's commitment as a "first mover and doer" in the global effort to combat the climate crisis.

The transcript of Oliver Bäte’s speech follows.

Dear excellencies, ladies and gentlemen,

Since we last came together to announce the launch of the UN-Convened Net Zero Asset Owner Alliance in 2019 in this building, the world has changed profoundly. We have not talked about that today. The long era of robust economic growth, low inflation, and geopolitical stability is over, and it’s replace by uncertainty, volatility, and war. So, suddenly, fighting climate change has become an ever greater challenge.

But remember, transforming our economy is actually a huge opportunity, as we just heard. The cost of not transforming dwarfs the investments needed for the transformation. Not working on the transformation or slowing it down is foolish and ever more irrational.

To overcome polarization and conflict and to build a united and decarbonized society, we need to reach out to each other and build more collaboration and not less. We will show here today that it is doable.

Policymakers are essential; many are in the room. We need to focus on pragmatic, market-based solutions that reflect scientific and economic realities, rather than imposing dogmatic and rigid policies that undermine confidence in leadership. For example, we welcome positive signals, as of yesterday, for the Principles for Net-Zero Financing & Investment as released by the U.S. Treasury.

Our belief in the power of collaboration, that led us to launch the UN-Convened Net Zero Asset Owner Alliance here in this building, is essential.

Since its formation, as we just heard, we have grown to 86 members, including insurance companies, pension funds, foundations and endowments from all around the world, committed to moving our investment portfolios to net zero by 2050.

Now, the problem is that 2050 is a long way off, and almost all of us in this room today who are responsible will not be in power by then. That is why we are asking our members to publish science-based intermediate targets within one year of joining: To keep the accountability with today's decision-makers in the room. And I am proud that the vast majority of the members have already set credible intermediate targets for 2025 or 2030, and not just 2050.

We must all take a firm stand and lead by example: This is what we at Allianz have been trying to publish our transition plan in a way that is fully transparent with the UN-backed 1.5 degree-aligned credibility criteria:

  • Our action plan outlines how we will reduce emissions in our investment and underwriting portfolios, as well as in our own operations, and no by 2050 but much earlier. Our primary tool is not selling and buying engaging with customers and partners to work together with them on their own transition plans.
  • Second, our commitment is to grow the revenues in commercial and other insurance from renewable energies and low-carbon technologies by 2030 by a 150%.
  • And we want to make sure we expand our investments in renewable energies by investing another EUR20 billion in climate and cleantech solutions in line with the EU’s Sustainability Regulation.

But make no mistake, our journey to net zero will be very challenging, and the transformation is so fundamental that we now must phase out coal. Now. And we need to strongly reduce oil and gas, as defined by the International Energy Agency.

So, we invite all asset owners that have not yet joined to join us, we invite civil society to support us please, and we ask all governments present to work with us. In fact, we need from our political leaders more courage and less fear. We will need more pragmatism, and less regulation and bureaucracy. We need more celebration of successes and progress and less demonization of markets. Because, let’s remember, with all the political power, we need everybody to win this war.

Thank you.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Christiane Hach
Email: christiane.hach@allianz.de
Tel: +49 89 3800 7679

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Suzano Reports Record First-Quarter Revenue9.5.2025 03:12:00 EEST | Press release

Suzano, the world’s largest pulp producer, announces its first quarter results for 2025 (1Q25) with record net revenue of R$11.6 billion, up 22% on the same quarter last year (1Q24). The result was driven by the exchange rates, increased pulp sales volumes from the new Ribas do Rio Pardo mill, higher paper volume and prices and the positive contribution from our paperboard mills recently acquired in the U.S. The record revenues occurred despite a series of planned downtimes in the quarter, including production lines of the Três Lagoas Unit, Mucuri Unit, and Aracruz Unit, and the Ribas do Rio Pardo Unit’s first scheduled maintenance downtime. Sales exceeded 3 million tonnes in the quarter, a rise of 12% compared to 1Q24, comprising 2.7 million tonnes of pulp and 390 thousand tonnes of paper, up 10% and 25%, respectively, on the same quarter last year. Adjusted EBITDA totaled R$4.9 billion, a 7% increase over 1Q24. Operating cash generation totaled R$2.6 billion, rising 5% on 1Q24. Net p

GC Aesthetics® Strengthens Board of Directors with Strategic Appointments8.5.2025 18:10:00 EEST | Press release

GC Aesthetics® (GCA), a privately-held medical technology company providing aesthetic and reconstruction solutions for global healthcare markets is pleased to announce the appointment of Mr. Luigi Ferrari as Chairman of the Board (non-executive) and Mr. Patrick Lee as Board Director, reinforcing the company’s strategic direction and long-term growth plans. These appointments follow the renewed phase of partnership initiated in early 2024 with Hayfin Capital Management, a longstanding investor in GCA. This collaboration has brought fresh momentum to the company’s commitment to innovation, safety, and global expansion in aesthetic and reconstructive breast surgery. Luigi Ferrari, a seasoned executive and investor with a proven track record in the healthcare sector, brings deep leadership experience, commercial growth expertise and industry insight. From 2012 to 2022 he was CEO of Lima Corporate, a global medical device company in the joint replacement market, acquired then by Enovis Corp

PPG to invest $380 million to build new U.S. manufacturing facility in Shelby, N.C. for aerospace coatings and sealants8.5.2025 17:30:00 EEST | Press release

PPG (NYSE: PPG) today announced that it will invest $380 million to build a new aerospace coatings and sealants manufacturing facility in Shelby, N.C. Construction on the 62-acre site, which will initially include manufacturing and warehousing units, is set to commence in October 2025 and is expected to be completed in the first half of 2027. The 198,000-square-foot facility will enable the company to continue meeting the growing demands of the aerospace industry. It will employ more than 110 people and produce the full line of PPG’s aerospace coatings and sealants. The additional capacity of this new plant, combined with nearby transport links that improve supply chain and shipping logistics, will help improve service levels for customers. “PPG’s investment in this new manufacturing facility demonstrates the significant demand growth for our world-class technologies and our continued commitment to serving our aerospace customers,” said Tim Knavish, PPG chairman and chief executive off

WHOOP Unveils WHOOP® 5.0 and WHOOP® MG: Powerful New Devices with Breakthrough Health and Longevity Features8.5.2025 17:00:00 EEST | Press release

WHOOP, the human performance company, today introduces WHOOP 5.0 and WHOOP MG — two next-generation wearables designed to unlock a new approach to personal health and longevity. Paired with a redesigned WHOOP experience, the devices offer 14-day battery life in a sleeker, seven percent smaller form - and introduce category-defining features, including Healthspan with WHOOP Age, Heart Screener with on-demand ECG, Blood Pressure Insights, and more. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250508546933/en/ WHOOP Unveils Next Generation WHOOP® 5.0 and WHOOP® MG These innovations arrive at a pivotal moment when ailing health systems cost more and deliver less. WHOOP is advancing a new solution and a better way - one that empowers people to connect their daily decisions to performance and health outcomes that can be measured and felt. While others track surface-level trends, WHOOP delivers longevity through depth — translati

Seoul Semiconductor Closes in on OSRAM for Global No.28.5.2025 16:00:00 EEST | Press release

Seoul Semiconductor Co., Ltd. (KOSDAQ: 046890), a leading global innovator of LED products and technology, announced that it has achieved a remarkable milestone by maintaining stable growth despite a downturn in the LED industry, narrowing the market share gap with global No.2 player ams OSRAM to just 1 percentage point. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250508658995/en/ "2024 Global LED Market Share Rankings" (Source: Omdia) (Image: Seoul Semiconductor) According to the recently published “2024 Global LED Market Share Rankings” by market research firm Omdia, Seoul Semiconductor was the only company among the global top three to sustain both revenue and market share, while industry leaders Nichia and ams OSRAM experienced significant revenue declines amid the market slowdown. This achievement is underpinned by Seoul Semiconductor’s robust technological competitiveness, driven by its commitment to innovation even

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom
World GlobeA line styled icon from Orion Icon Library.HiddenA line styled icon from Orion Icon Library.Eye