SCOR announces further enhancements to Group’s sustainability strategy

French reinsurer SCOR aims to achieve a reduction of 23% in the intensity of its greenhouse gases (GHG) emissions by 2030 versus the end of 2022, CEO Thierry Léger announced during the Group’s General Meeting.

This is the reinsurer’s first interim target relating to companies having their headquarters in Europe for its Property & Casualty direct insurance and facultative reinsurance books of business.

SCOR plans to use the Partnership for Carbon Accounting Financials (PCAF) methodology (version 1 dated November 2022) to achieve this interim target, which aims to align with the Paris agreement and with the science-based trajectory of 1,5°C.

The 1,5°C science-based trajectory refers to the goal outlined in the context of global efforts to address climate change to limit global warming to an increase of no more than 1.5°C above pre-industrial levels.

“SCOR will make all reasonable efforts to reach its interim target of -23% by 2030. Achieving this target, however, is highly dependent on externalities outside of SCOR’s control,” the reinsurer stated.

Adding: “The actions and policies of different governments, and the transition of all stakeholders toward decarbonization of the real economy, are all crucial to align the world to the Paris agreement.”

It warned: “Other factors linked to climate science, political, geopolitical, economic and regulatory developments which are outside of SCOR’s control may impact SCOR’s ability to deliver on its target.

“Without decisive and global action by governments, SCOR will not be able to achieve its target, and the world will not be able to reach a 1.5°C trajectory.”

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