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(Reuters) — German insurer Allianz said Thursday that it would cut emissions by 25% for some classes of assets by 2025, a move toward its goal of a climate-neutral investment portfolio by 2050.
It is the first time that Allianz, which is one of the world's largest investors, has announced interim targets.
The 25% reduction by 2025 affects equities and corporate bonds and is based on investment levels from 2019.
The company also said it would update the public annually on its progress in meeting its goals, and it created the new role of chief sustainability officer to report to the board.
In addition, Allianz said it would cut the carbon footprint of its own operations by 30% over the next five years compared with 2019 levels.
Germany-based insurer Allianz SE has acquired Australia-based Westpac Banking Corp.’s general insurance business for $725 million Australian ($535 million), Reuters reported. The transaction, which is expected to close in the second half of 2021, includes a 20-year deal under which Allianz will distribute general insurance policies to Westpac customers.