Insuring sustainability for long-term benefits

THE world has less than a decade left to limit global warming to under 2°C against a pre-industrial baseline. In fact, 1.5°C is the ideal limit.

Scientists concluded an increase between 1.5°C and 2°C could mean substantially more poverty, extreme heat, rising sea levels, loss of habitat and important bio-diversity, and sustained drought, which would not only be catastrophic but also irreversible.

It is pertinent that the 12th Malaysia Plan (12MP) includes environmental sustainability as one of the key dimensions as the way forward for national development agenda. This forms the platform for inclusive and meaningful socioeconomic development towards shared prosperity.

There has been progress but there is still much to do in terms of sustainability. Malaysia has made a commendable commitment to reduce its greenhouse gas emissions intensity by 45% by 2030, relative to 2005 levels.

Sustainability is about conduct that safeguards the future of business and society. It is part of Zurich’s commitment to creating a brighter future together with fellow Malaysians. This common purpose unites our people and customers towards a shared vision: an inspiring and optimistic future.

Consumers have high expectations nowadays of products and services; to improve their daily life and contribute to the betterment of society. Leading companies are focusing on generating value by marrying sustainability with innovation capabilities.

Zurich takes climate action seriously. As the first insurer to sign the United Nations Business Ambition for 1.5°C pledge in June 2019, we are aligning our business with climate action for the benefit of our people, partners, customers, and planet.

To this end, we aim to reduce our carbon emissions (CO2e) by setting science-based targets. We are committed to reduce emissions from operations by 50% by 2025 and 70% by 2029, and adopt 100% renewable energy to power operations by end 2022.

As a responsible corporate citizen, we track our CO2e and are one of the early adopters of International Renewable Energy Certificates (iRECs). The amount of CO2e from electricity utilised by Zurich offices in Malaysia is offset by iRECs as part of our pledge and commitment towards the utilisation of 100% renewable power.

More importantly, our initiatives and efforts are to help customers continue everyday life with minimal disruption and distress. For example, Zurich Malaysia mobilises Flood Aid vehicles to help customers sustain their routine and way of life when Mother Nature strikes back.

Our planet is at a climate crossroads now. Scientists have stated ideally temperature rise is capped at 1.5°C and emissions should peak by 2020. Right now, the planet is heading towards a 3°C rise.

Immediate collective action to halt this is paramount. We must act before it is too late. Progress over perfection is much needed. While climate actions are over the long-term, any action today, no matter big or small is certainly better than hesitation or even worse, inaction.

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* Junior Cho is the Country Head for Zurich Malaysia.

** The views and opinions expressed in this article are those of the author(s) and do not necessarily reflect the position of Astro AWANI.