Munich Re CSR - Objectives, Measures & Milestones
Implementation of Munich Re and ERGO’s Group-wide “Tackling Climate Change Together” projectSeptember 10th, 2018
Munich Re is working continuously to refine corporate responsibilities to assure sustainability for the environment, and from the social and governance.
Munich Re is one of the world’s leading worldwide reinsurers and primary insurers and it privileges its corporate responsibility in all aspects of its core business, by systematically integrating sustainability – i.e. environmental, social and governance criteria – while at the same time creating value for its customers. Furthermore, Munich Re has adopted a Group-wide Code of Conduct for responsible and sustainable decision-making in line with the ten principles of the United Nations Global Compact (UNGC).
Munich Re is concentrating on four fields of action with the aim of putting them into practice Group-wide as part of their corporate responsibility strategy.
In the first field of action named “Corporate responsibility in business” Munich Re proposes the further development of the environmental, social and governance (ESG) framework by expanding ESG research; offering training for selected groups of staff members; identifying further sensitive topics. In the field of ''Environmental management'' Munich Re measures its implementation of the environmental and climate protection strategy 2020 with the following goals:
- 35% reduction in carbon emissions by 2020 (base year 2009);
- Maintain carbon neutrality across the Group;
- Group-wide verification of environmental data, certification of selected units’ environmental and energy management systems, and
- 100% renewable energy for the Group.
In the field of “Reporting and communication,” Munich Re is working on implementation of its voluntary commitments to the UN Global Compact´s Principles for Sustainable Insurance (PSI) and principles for Responsible Investment (PRI) as part of the corporate responsibility strategy and the respective reporting on progress.
In the fourth field named “Social impact projects” Munich Re has implemented a new initiative “Tackling climate change together”. The project is launched by Munich Re and ERGO in October 2017, in cooperation with Climate-KIC and Solarkiosk which promotes new, climate-friendly ideas from the start-up sector through the EU’s Climate-KIC accelerator programme. Here, young entrepreneurs are provided not only with financial support, but also with personal mentors from among Munich Re and ERGO experts.
The initiative’s second component is the funding of Solarkiosk, a company that provides people living in the remote regions of Africa with solar electricity generated by “E-HUBBs”. The first of these have already begun operating in Kenya.