Allianz SE

Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.

Allianz's climate impact is entirely indirect — it underwrites and invests across the economy, including continued oil & gas exposure; while it has restricted coal since 2015 and is a leading insurer of renewables, the core business does not itself cut emissions and still insures high-emitting sectors subject only to engagement and soft thresholds.

Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.

Allianz has published a detailed Inaugural Net-Zero Transition Plan with 2030 intermediate targets informed by IPCC 1.5°C scenarios across investments, P&C underwriting, and operations, and is the first CSRD-compliant insurer in its peer group; however, the group's portfolio targets are not independently SBTi-validated (NZAOA/NZAMI frameworks are used instead), and progress on financed emissions relies heavily on counterparty-reported data.

Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.

Allianz scored 82/100 in the S&P Global CSA underpinning the Dow Jones Sustainability Index and is a consistent DJSI leader in the insurance sector; it has a broad coal and controversial-weapons exclusion policy and supplier net-zero requirements, though coal exclusions contain phase-in timelines, metallurgical coal carve-outs, and 1.5°C exemption clauses that NGOs have flagged as loopholes.

Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.

Allianz published its first fully CSRD-compliant Annual Report for FY2024, sets audited GHG reduction targets with base years (2019 for operations, 2022 for underwriting), discloses 2030 progress annually, and participates in CDP; however, financed-emissions coverage is incomplete, 'high-quality carbon removal' criteria remain undefined, and third-party verification of portfolio-level data is limited.

Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.

Allianz Global Investors U.S. LLC, an indirect subsidiary, pleaded guilty to criminal fraud charges in May 2022 for concealing risks from institutional investors during the COVID-19 market crash — a serious governance failure at the group level; separately, NGOs have repeatedly criticised the pace and scope of coal and oil & gas exclusions as insufficient relative to 1.5°C requirements.