NFU Mutual launches Net Zero Roadmap

25 January 2022

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ICMIF member and UK-based rural insurer NFU Mutual has today announced a Net Zero Roadmap which sets out a long-term plan to achieve net zero operations by 2050.

Acknowledging the need for action on climate change, NFU Mutual has developed a strategy, that takes into account science-based guidance and methodologies, to set credible targets.

Ambitions are currently focussed on emissions from NFU Mutual’s own operations and those arising from investment portfolios. Targets include a 25% reduction in the business’s own emissions by 2025 and a 50% reduction by 2030. To support this, NFU Mutual is aiming to maintain 100% renewable electricity purchase for occupied premises. For its investments, the insurer has set a target to deliver 50% emissions reduction in their equity and corporate bond portfolio by 2030.

To help set NFU Mutual on their path to net zero, the insurer is already undertaking a series of initiatives across the business which will help reduce its carbon emissions, including energy efficiency initiatives, improvements to the sustainability of their motor claims experience, investment in green solutions and support for customers’ renewable energy ventures.

Nick Turner, Group Chief Executive of NFU Mutual, said: “Tackling climate change is a shared global responsibility and we all have a part to play.  As a UK based insurer with rural communities at its heart, NFU Mutual is both responding to the insurance needs of our members and actively reducing our own environmental impact to help drive the transition to a low carbon economy.

“We are committed to building a more sustainable future for the communities we serve. Our roadmap to net zero emissions gives us a clear mission, underlines our commitment to our climate change strategy, and will help us drive improvements where we need to.”

“In developing our Net Zero Roadmap, we have taken account of best practice guidance to ensure our targets and ambitions are credible and that our business can make a meaningful contribution to limiting global warming.

“Having been an active and responsible member of our communities for over 100 years, NFU Mutual is committed to making a positive impact for its members, staff, farming and rural communities and for the environment by doing business the right way.”

 

For member-only strategic content on the cooperative/mutual insurance sector, ICMIF members have exclusive access to a range of online resources through the ICMIF Knowledge Hub.

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