The Climate Action Plan includes IAG’s updated FY30 emissions reduction interim targets and outlines how IAG is supporting the transition towards a low-carbon, climate resilient economy.

IAG Managing Director and Chief Executive Officer, Nick Hawkins said, “The need to act on climate change has never been more urgent and we’re proud to play our part. Our Climate Action Plan demonstrates our commitment to helping customers and communities in Australia and New Zealand adapt to a changing climate and transition to a net zero future.”

With the goal to become a net zero insurer by 2050, IAG is working to achieve net zero emissions across its operations, while actively strengthening climate resilience and capturing opportunities through the transition.

IAG’s Climate Action Plan is focused on three key action areas: 

1. Adapting its direct operations 

IAG is focused on lowering scope 1 and 2 emissions to meet a science aligned 1.5°C pathway and transitioning its direct operations to build climate resilience.

2. Supporting its value chain 

Recognising that its influence extends beyond its immediate operations, IAG is using its knowledge and reach to help accelerate the transition to net zero across its full value chain, supporting customers, suppliers and partners.

3. Collaborating and advocating 

Driving systemic change through its partnerships and advocacy work, IAG is supporting communities to build climate resilience and is sharing its understanding of climate risks and opportunities by partnering with governments, industry, and other organisations.

As detailed in the Climate Action Plan, IAG has:

• Updated its emissions reduction interim target to net zero scope 1 and 2 emissions by FY30 from an FY24 baseline¹.
• Set an interim target to reduce limited upstream operational scope 3 emissions by 50% by FY30 from an FY24 baseline.

IAG will report on its progress against these interim targets and broader Climate Action Plan goals in future Annual Reports.

To access IAG’s Climate Action Plan, please see: IAG-FY25+CAP.pdf

1. In FY24, IAG re-classified emissions from its Australian owned and operated supply chain to ‘direct emissions’. Therefore, additional entities are now included in its interim target. IAG has updated its baseline year to align with the change to its reporting boundary.