Scor has committed to reducing the carbon intensity of its corporate bond and equity portfolios by 27 percent by the end of 2024.

Scor climate

The commitment is the latest step in the reinsurer’s efforts to become net zero on its investments by 2050. 

François de Varenne, CEO of Scor Global Investments, said the reinsurer will achieve the new target “by combining best-in-class selection with active engagement with investees, to impact the real economy”.

In his introduction to the reinsurer’s newly published 2020 Sustainable Investment report, de Varenne said the group was also aiming to include biodiversity in its investment decisions, having signed the Finance for Biodiversity pledge. 

“Although much is still at an experimental stage and will require further development, Scor is keen to constantly improve its knowledge to better understand the challenges and limitations of cutting-edge methodologies,” de Varenne said

“This stimulates our curiosity and improves our expertise in terms of steering our investments towards a more sustainable future. Sustainable investing is a key part of our strategy to unlock long-term value while limiting negative impacts on ecosystems. Biodiversity is now at the top of our agenda.”

Last year Scor made several commitments related to its investment strategy, including a pledge to exit thermal coal by 2030 in the EU and OECD and by 2040 in the rest of the world.

In May last year Scor joined the Net-Zero Asset Owner Alliance, an initiative aimed at supporting asset owners in their commitment to net-zero portfolios by 2050. 

Scor is also one of seven European (re)insurers to join the Glasgow Financial Alliance for Net Zero this month, with the group establishing the UN-convened Net-Zero Insurance Alliance.