Insurance Australia Group

Insurance Australia Group (IAG), an Australian-headquartered company in the Insurance and pension funding services sector, reported its most recent carbon emissions for 2024. Its Scope 1 emissions were 26,705,000 kg CO2e, Scope 2 emissions were 5,000,000 kg CO2e, and Scope 3 emissions were 15,000,000 kg CO2e. Key categories within Scope 3 included approximately 10,000,000 kg CO2e from business travel and 5,040,000 kg CO2e from purchased goods and services.

Looking at previous years, IAG's emissions were:

• 2023: Scope 1 at 4,290,000 kg CO2e, Scope 2 at 9,244,000 kg CO2e, and Scope 3 at 8,623,000 kg CO2e.
• 2022: Scope 1 at 4,869,000 kg CO2e, Scope 2 at 10,902,000 kg CO2e, and Scope 3 at 24,640,000 kg CO2e.
• 2021: Scope 1 at 5,601,000 kg CO2e, Scope 2 at 12,458,000 kg CO2e, and Scope 3 at 22,611,000 kg CO2e.
• 2020: Scope 1 at 6,751,000 kg CO2e, Scope 2 at 14,562,000 kg CO2e, and Scope 3 at 32,920,000 kg CO2e.
• 2019: Scope 1 at 8,357,000 kg CO2e and Scope 2 at 18,100,000 kg CO2e. Scope 3 data was not available for this year.
• 2018: Scope 1 at 9,244,000 kg CO2e and Scope 2 at 20,875,000 kg CO2e. Scope 3 data was not available for this year.
• 2017: No emissions data was disclosed.

IAG has made several climate commitments:

• Net-Zero by 2050: The company is committed to achieving net-zero emissions across all scopes by 2050.
• 50% Reduction by 2030: As an interim target towards net-zero, IAG aims for a 50% emissions reduction by 2030.
• Net-Zero Scope 1 and 2 by FY30: IAG plans to achieve net-zero Scope 1 and 2 emissions by financial year 2030, using a financial year 2024 baseline, aligning with a 1.5°C global warming target.
• Science-Based Targets (Scope 1 & 2): Using FY18 as a baseline, IAG has set science-based absolute emission targets for Scope 1 and 2 emissions, including a 20% reduction by 2020, a 43% reduction by 2025, a 71% reduction by 2030, and a 95% reduction by 2050.