MAPFRE continues in its efforts to fight against climate change by reducing company emissions and contributing towards the Paris Agreement objective of limiting the average global temperature increase to below 2 degrees.
Decarbonisation refers to anything that helps eliminate the use of fossil fuels that contain carbon, such as coal, oil and natural gas, and that release energy, pollutants and greenhouse gases when combusted. One of the most abundant greenhouse gases produced by human activity is carbon dioxide (CO2). It causes warming of the atmosphere near the earth's surface and has highly negative consequences for the climate. Decarbonisation is no longer a matter of choice; it is imperative for many companies that aim to become carbon neutral, such as MAPFRE. It is a challenge that requires companies to be aware of what their carbon footprint is currently and to identify short-, medium- and long-term strategies to reduce that footprint and offset whatever they cannot eliminate.
MAPFRE is implementing a number of strategies in order to achieve carbon neutrality. One of the company’s commitments is to become carbon neutral in Spain and Portugal before the end of 2021, and for all other countries where MAPFRE operates by 2030. In addition, MAPFRE is working towards incorporating the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), which will enable the company to report to its investors on how risks related to climate change are being managed.
Furthermore, partnerships between MAPFRE and other large companies are being developed by signing agreements to develop infrastructures that will aid in the promotion of decarbonisation in those respective markets. Forming part of the environmental, social and governance (ESG) investment criteria, MAPFRE does not invest in companies that derive 30% or more of their revenue from coal-produced energy. Instead, MAPFRE is strengthening its commitment to sustainable investment in Spain with the launch of its first renewables fund known as MAPFRE Energías Renovables. In fact, as part of MAPFRE’s ESG underwriting criteria, the company no longer insures the building of new infrastructures related to coal mines or thermal power plants, as well as risks linked to tar sands, oil, or gas in the Arctic.
Moreover, MAPFRE has introduced new insurance products for electric and hybrid vehicles, as well as other products from Iberdrola which are 100% renewable. In order to further reinforce this initiative, MAPFRE Middlesea introduced a new EV insurance policy. The introduction of this EV policy forms part of MAPFRE’s sustainability initiatives to promote a greener environment and fight against climate change.
Energy savings is also going to play a key role in MAPFRE’s initiative to fight climate change. MAPFRE is currently promoting the reduction of energy, water and paper consumption within the company’s many offices and is encouraging the practice of working remotely amongst its employees.
MAPFRE’s activities contribute towards several Sustainable Development Goals such as promoting good health and well-being, the use of affordable and clean Energy, climate action, and cultivating new partnerships and relationships in order to achieve these goals.