QBE signs up to renewables push by pledging to 2025 target

Insurance giant QBE has vowed to source all of its energy from renewables by 2025.

QBE will look to service its electricity needs using locally sourced renewables in each of its operating divisions.

QBE will source all of its energy needs from renewables by 2025 after the insurance giant signed up to the RE100 initiative.

To support the shift to 100 per cent renewables, QBE will look to service its electricity needs using locally sourced renewables in each of its operating divisions. Where that isn’t possible, renewable energy certificates will be purchased to achieve the 100 per cent goal, QBE said.

“As an international insurer, with insurance products covering a diverse portfolio around the globe, we are acutely aware of the risks and opportunities that climate change presents for our customers and our business,” said chief executive Pat Regan.

“This decision aligns with QBE’s support for the objectives of the Paris Agreement and our efforts to support the transition to a lower carbon economy.”

Mr Regan said that signing onto the agreement, the company was going “a step further” to just offsetting its carbon footprint in the countries it operates in, which it committed to do last year.

“As one of Australia’s largest insurance companies, QBE knows the financial risks of inaction on climate change,” said RE100 head Sam Kimmins.

“With the price of clean power continuing to fall, joining RE100 and committing to source 100 per cent renewable electricity brings new business benefits and accelerates the shift to a clean economy — it’s a win-win.”

The initiative, led by The Climate Group in partnership with CDP, has 176 members globally, including Apple, Microsoft, Starbucks, Unilever, Visa and Vodafone. Atlassian, Commonwealth Bank and Westpac have all recently signed up to the commitment to go 100 per cent renewable.