GlobalData offers a comprehensive analysis of China Reinsurance, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on China Reinsurance’s ESG performance. GlobalData’s company profile on China Reinsurance offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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China Reinsurance, one of the leading reinsurance companies in China, actively promotes green and low-carbon operations as part of its commitment to sustainable development. In March 2022, China Re introduced an Action Plan for Green Insurance, aligning with the National Carbon Peak and Neutrality Goals (2022-2025). This plan underscores the company's commitment to support major national strategies as a state-owned reinsurance entity. The company is working towards reducing its carbon emissions and has identified three scopes of emissions - scope 1, scope 2, and scope 3. The excerpts from the company's Corporate Social Responsibility Report of 2022 provide information on its carbon and greenhouse gas emissions.
In 2022, China Reinsurance's total greenhouse gas emissions amounted to 53,807.68 tons of CO2 equivalent. This comprised 7,809.12 tons of CO2 equivalent from direct greenhouse gas emissions (Scope 1) and 45,998.56 tons of CO2 equivalent from indirect greenhouse gas emissions (Scope 2). The CO2 equivalent emissions per RMB10,000 of revenue stood at 3.20 kg. Notably, greenhouse gas emissions witnessed a substantial reduction compared to the corresponding period last year. The emissions are calculated using emission factors provided by the Intergovernmental Panel on Climate Change (IPCC) of the United Nations. The company measures its direct emissions (scope 1) from natural gas and gasoline consumption during office operations. Indirect emissions (scope 2) include emissions generated by purchased electricity and heat during office operations. The company is also mindful of scope 3 emissions, which include emissions from sources not owned or controlled by the company, such as business travel and supply chain activities.
China Reinsurance has taken steps to reduce its emissions and has already made investments in various initiatives to promote sustainable development. These initiatives include the development of insurance products related to disaster management, intelligent transportation, and environmental protection. The company has also established a group system writing team to compile the world's first bilingual China Reinsurance Industry Development Report, which aims to promote sustainable practices in the industry.
In conclusion, China Reinsurance is committed to promoting low-carbon operations and focusing on sustainable development. The company has made efforts to reduce its carbon emissions in different scopes and has disclosed relevant data in its 2022 report. Through investments in various initiatives and the development of innovative insurance products, China Reinsurance is actively contributing to climate risk protection and serving the national strategy of China.
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