Campaigners slam Aviva’s ‘ambiguous’ net zero commitment
Climate campaigners have questioned Aviva’s net zero commitment claiming the insurance giant will continue to invest in fossil fuels.
This morning Aviva announced it planned to shrink its carbon footprint to net zero by 2040. The firm said it had written to the biggest carbon emitters in its portfolio urging them to sign up to climate targets.
If they don’t take action the FTSE 100-listed firm said it would sell its shareholdings in the companies.
Climate campaigners Reclaim Finance welcomed the move but has called on Aviva to clarify details and “draw clear red lines against the expansion of fossil fuels.”
Their main concern is that the insurer has failed to announce measures to prevent the expansion of new fossil fuel projects.
“Aviva should commit to stop investing in any company developing new fossil fuel reserves or supporting the opening of new reserves through the building of transport infrastructure,” campaigners said.
“If Aviva wants its net zero target to have teeth, it must immediately rule out all investments and coverage in companies developing new coal and fossil fuel projects,” Lucie Pinson, founder and director of Reclaim Finance said.
The group also called its commitment to science based targets initiative (SBTi) a “dangerous cop out” because the policy mentions a sign up to the targets and not a validation.
Additionally Reclaim Finance said some of the companies have targets below 2°C or of 2°C, rather than 1.5°C
“Instead of letting the SBTi drive its coal exit, Aviva must require coal companies it invests in to adopt an asset-based coal exit plan. Failure to comply will otherwise sadly confirm that the SBTi is becoming a new tool for greenwashing,” Pinson added.