Zurich comment on Government's Industrial Decarbonisation Strategy

“Zurich welcomes this morning’s publication of the Government’s Industrial Decarbonisation Strategy and in particular its focus on carbon pricing, hydrogen energy and Carbon Capture Use and Storage (CCUS). Decarbonising the UK industrial sector is an important step in achieving the UK Governments net zero goals, something Zurich strongly supports as a founder member of the UN-convened Net Zero Asset Owners’ Alliance.

“Zurich has for many years championed the use of CCUS, developing insurance policies that support the implementation of CCUS projects. As a long-term member of the Carbon Capture and Storage Association (CCSA) Zurich also contributed to the UK Government’s Green Finance Taskforce report on CCUS and hydrogen published in 2018, laying the foundations for the funding of hydrogen and CCUS projects announced today in the £171 million Industrial Decarbonisation Fund.

“Sustainability is a key part of Zurich’s strategy and driver of our long-term success. Climate change is a real and urgent threat, and we therefore fully support the UK Government’s announcements today. In June 2019, we became the first insurance company in the world to sign up to the UN Business Ambition Pledge to limit global warming to 1.5°C above pre-industrial levels. As part of this pledge Zurich also updated its position on some of the most carbon-intense fossil fuels, including thermal coal, oil sands and oil shales. It also includes setting and disclosing the progress against science-based CO2 reduction targets in our operations and investments. Through our commitment to sustainability, we aim to produce sustainable value for our customers, employees, shareholders and the communities where we live and work.”

For more on Zurich's commitment to sustainability, please head to the Zurich website.