Let's implement sustainable goals
The report by the Intergovernmental Panel on Climate Change (IPCC), published in August 2021, stated for the first time that global warming is a consequence of human activity. A temperature increase of 1.5 degrees Celsius will bring more severe heatwaves, more intense rainfall and floods. Extreme marine events could become commonplace by the end of the century, and certain parts of our planet will be left without snow cover, with glaciers continuing to melt. Therefore, the next decade is crucial for taking steps that will enable the mitigation of climate change and an opportunity to create a sustainable future. At the Triglav Group, we're also committed to this; by caring for sustainable development, we create a long-term, stable foundation for profitable and secure business operations, promote the transition to a sustainable society and reduce our impact on climate change.
Why is sustainability also important in the economy?
Sustainability is essentially about maintaining a balance between achieving economic growth while simultaneously caring for social development and environmental protection. As far back as 1987, the World Commission on Environment and Development defined sustainable development as a form of development that meets the needs of the present without compromising the ability of future generations to meet their own needs
On a conceptual level, we mostly agree that sustainability is important. On the other hand, research shows that people do not consider the sustainability aspect in their purchasing decisions and that companies often do not have strategically defined sustainable operations.
Therefore, two conditions are necessary for the realisation of the sustainability agenda:
- a political consensus, which occurred in the EU with the adoption of the Green Deal, and
- a societal value system that must internalise the importance of sustainability.
The EU's sustainable legislative framework will demand greater responsibility and concrete plans from countries, companies and other societal institutions with the ultimate goal of directing financial flows into sustainable economic activities and financing the green transition.
The focus will be on greater investments in renewable and cleaner energy infrastructure, cutting-edge clean technological innovations, sustainable and renovated energy-efficient buildings, higher taxes for environmental polluters, more durable products that can be repaired, recycled and reused, healthy and affordable food and future-proof jobs.
In the coming years, companies will have to pay more attention to sustainable corporate governance, sustainable strategic orientations and goals, integrate sustainability aspects into their business processes and report on their progress in public disclosures.
What are we doing at the Triglav Group in the area of sustainability?
At Zavarovalnica Triglav, the commitment to sustainability is enshrined in the Triglav Group's Sustainability Commitment, which we adopted at the end of 2020. This commitment was upgraded at the end of last year with the Triglav Group's strategic ambitions in the field of sustainable development (ESG), where we defined our sustainable goals and orientations in four key areas: insurance and asset management, the Triglav Group's business processes, responsible relations with stakeholders and effective corporate governance.
In asset management, we will increase the share of green and sustainable investments. In the insurance business, we will continue to develop insurance products for droughts, floods and other climate risks and promote the offer of insurance products in the field of sustainable mobility and renewable energy sources (solar power plants, wind farms etc.).
At the Triglav Group, we are introducing comprehensive measurement and management of our carbon footprint and, in line with the European Green Deal, we are pursuing the goal of carbon neutrality by 2050. We will increase the share of electricity supplied from renewable energy sources, reduce energy and paper consumption and the volume of waste per employee, and increase the share of electric and hybrid vehicles in our fleet.
We ensure a high level of customer (NPS) and employee satisfaction and promote multidimensional diversity, intergenerational cooperation, and employee development and training. We remain strongly involved in socially responsible and environmental projects, partnerships and donations.
In the area of governance, we ensure compliance with legislation, internal acts and external commitments, which guarantees effective corporate governance.
This year, Zavarovalnica Triglav became a signatory to the United Nations Principles for Sustainable Insurance (UN PSI) and thus a member of the global community of banks, insurance companies and investors who have joined the United Nations Environment Programme Finance Initiative (UNEP FI).
We are all responsible for sustainable development
Ultimately, individuals are also an important link in the sustainability story. Each of us can contribute to the sustainable development of society with simple changes in our daily behaviour. The solutions are at hand.
For shorter distances, we can use a bicycle, choose public transport more often, consume fewer meat products, buy sustainable products and services, educate younger generations about the importance of diversity, inclusion and intergenerational cooperation, use digital business methods, recycle, donate things we no longer use, consider a home solar power plant, become a volunteer and invest in sustainably oriented companies.
Let's raise awareness about the importance of sustainability among the people we meet on our journey, as everyone can make a significant contribution to change with small but decisive steps. Sustainable behaviour can, after all, bring financial savings and contribute to better well-being.
We can only achieve great goals if each of us does what is in our power. Therefore, in this light, join the "Insure Our Future” project, which Zavarovalnica Triglav has prepared in cooperation with more than 100 partners from very different fields, from sport to culture, healthcare, prevention and business. In the coming months, with joint efforts, we can even more actively co-create sustainable endeavours within the framework of the 17 Sustainable Development Goals of the United Nations.
Connected, we move boundaries. Therefore, let us together make a promise to the future and insure the future today. Therefore, encouragingly, in the spirit of opportunities for new beginnings, I conclude with the thoughts of anthropologist Margaret Mead, who said: "Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever has."
Nina Kelemen, MSc, CFA, is head of Sustainability at the Triglav Group.
