Aviva will become a net-zero carbon emissions company by 2040, including being net-in its investments, by 2040.

The journey will involve several milestones, with a cut of 25 per cent in the carbon intensity of its investments by 2025 and of 60 per cent by 2030; this is ahead of the 50 per cent cut required by the Paris Agreement; and net-zero carbon emissions from its own operations and supply chain by 2030.

Progress towards this target will be tracked through annual, public reporting. Aviva and will sign up to the internationally recognised Science Based Targets initiative so its work can be validated.

Aviva is taking further action on coal immediately. By the end of 2022 it will divest from all companies which make more than 5 per cent of their revenue from coal unless they have signed up to the Science Based Targets initiative and by the end of 2021, Aviva will have stopped underwriting insurance for companies making more than 5 p[er cent of their revenue from coal or unconventional fossil fuels, unless they have signed up to the Science Based Targets initiative.

Aviva will also be the first insurer to put its Taskforce for Climate-related Financial Disclosure (TCFD) to an advisory vote at its Annual General Meeting of Shareholders in May this year.

By the end of 2022, Aviva expects to invest a further £10bn of assets from its auto enrolment default funds and other policyholder funds into low carbon strategies (of which £5bn has already been announced) and by 2025, it will invest £6bn in green assets, including £1.5bn of policyholder monies into climate transition funds; invest £2.5bn in low carbon and renewable energy infrastructure and deliver £1bn of carbon transition loans.

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