Aviva has released its inaugural biodiversity annual report, examining where the company is at, a year following the launch of the insurer’s biodiversity policy.
Fifty (50) pages long, the report outlines Aviva’s commitments under the biodiversity policy and progress towards them, as well as the firm’s investment and underwriting activity in relation to biodiversity. The document also has a section on relevant risk assessments.
According to the report, Aviva’s key achievements include the development of a classification system for biodiversity risk; significant engagement with organisations on biodiversity issues; the launch of a natural capital transition fund; and the acquisition of 6,300 hectares of Scottish moorland in West Aberdeenshire for afforestation and peatland restoration.
The insurance group – the key markets of which are the UK, Ireland, and Canada – also outlined its internal initiatives, how Aviva has been championing biodiversity, partnerships and projects, as well as its plans for 2023.
“Last year, we committed to report annually on biodiversity,” said group chief executive Amanda Blanc. “Having policies on climate-related issues without reporting on progress is no longer enough; all businesses need to be transparent about their impact on biodiversity, and this report is a good start.
“However, we recognise that far more is required if we are to reverse nature loss this decade – more from Aviva and more from the financial sector.”
The release of Aviva’s first biodiversity report coincides with the company’s calls for clarity on the role of the financial sector in meeting the goals and targets set by the Global Biodiversity Framework (GBF). In Aviva’s view, the standards set by the GBF should be explicit and ambitious.
Aviva is part of the Finance for Biodiversity Foundation Pledge delegation at the ongoing UN Biodiversity Conference (COP 15) in Montreal.
