Zurich, January 25, 2023 – Zurich Resilience Solutions (ZRS), the commercial risk advisory and services unit of Zurich Insurance Group (Zurich), and South Pole, a leading climate solutions provider and carbon project developer, are joining forces to provide a new climate change related offering to companies.
The joint offering will help businesses tackle both sides of the climate challenge at the same time, with solutions that help them to define and execute their short- and long-term climate resilience objectives as well as their net-zero goals. It will focus on measuring physical climate risk and emissions, helping to establish a strategy to reduce each, and oversee the implementation of solutions that meet a company's goals and local regulatory and sustainability reporting requirements. The offering will initially be available in the U.S., Germany and Switzerland.
Hanno Mijer, Global Head of Zurich Resilience Solutions, said: “Defining and deploying effective climate adaptation and mitigation strategies requires special knowhow and can be extremely complex and time-consuming, even more so for multinationals. Demand for climate resilience services has grown exponentially in recent years. Collaborating with South Pole will allow us to address climate-related risks holistically by supporting customers on their net-zero journey as well as resilience."
“Companies that fail to demonstrate their progress in building resilience and reducing emissions will likely pay the price both reputationally and financially," said Renat Heuberger, CEO, South Pole. “But knowing where to start can be difficult. We are pleased to combine South Pole's best-in-class climate advisory with Zurich Resilience Solutions' expertise in resilience to steer corporate leaders toward effective mitigation and adaptation efforts – both for commercial success and for climate protection."
The likelihood of missing the goal of limiting the rise in global temperatures to 1.5-degrees Celsius versus pre-industrial levels is growing by the day. To successfully transition to net-zero and mitigate the environmental impacts, companies need to intensify their efforts to collectively reduce emissions. In parallel, companies have to prepare and adapt to the consequences of global warming and consider the current and future impacts of climate change on their business when making strategic decisions. According to the Climate Disclosure Project (CDP), the financial benefits of climate action are at least 15 times higher than the cost of risks.
Companies increasingly understand that taking climate action is not only critical to managing their operational risks. There is also a growing awareness that many of their stakeholders expect companies to transparently demonstrate how they are actively reducing their environmental impact and building resilience along their value chain, and, more importantly, to regularly report on the effectiveness of these measures.
The climate journey is a challenging one. However, through the new joint-offering, Zurich and South Pole are well positioned to help companies take concrete steps and make climate mitigation and adaptation a priority to risk-proof their current and future operations, ensure compliance with evolving regulatory requirements, and create long-term value for their shareholders.
Zurich Insurance Group (Zurich) is a leading multi-line insurer serving both people and businesses in more than 210 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.
Reflecting its purpose to 'create a brighter future together', Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and is one of the world's most sustainable insurers, as shown by the S&P Global Corporate Sustainability Assessment. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
The Group has about 56,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.
South Pole, a social enterprise recognised by the World Economic Forum's Schwab Foundation, is today the world's leading climate solutions provider and carbon project developer. Since its creation in 2006, it has developed nearly 1,000 projects in over 50 countries to reduce nearly 200 million metric tonnes of CO2 emissions, and to provide social benefits to communities who are particularly vulnerable to climate change. Projects range from sustainable agriculture, forest conservation, waste management, to energy efficiency and decentralized renewable energy.
South Pole also advises thousands of leading companies on their sustainability journeys to achieve net-zero emissions. With its global Climate Solutions platform, South Pole develops and implements comprehensive strategies that turn climate action into long-term business opportunities for companies, governments and organizations around the world.
South Pole is committed to becoming a B Corp globally across all of its local entities, building on its existing B Corp certification in Australia, the U.S, and Germany.