Zurich Insurance : helps suppliers transition to net-zero

Media release, Zurich, April 11, 2023

Zurich helps suppliers transition to net-zero

Zurich Insurance Group (Zurich) is providing tools and resources to help its suppliers decarbonize their operations.

This engagement reflects Zurich's overarching ambition to become a net-zero emissions business and to cascade climate action across the supply chain.

The Group is providing climate training materials and teaming up with carbon accounting firm Normative to offer free access to the Business Carbon Calculator. Together, these will help suppliers understand Zurich's goals, calculate their carbon footprint, and obtain a blueprint of practical steps they can take on their own journeys to net-zero operations.

"This initiative demonstrates Zurich's commitment to emissions reduction throughout the value chain and illustrates how we use our expertise and resources to support others to transition to the net-zero economy," said Linda Freiner, Group Head of Sustainability.

Zurich is one of only five insurance companies to be recognized with Supply Chain Engagement Leader status by CDP, the not-for-profit charity that runs the global disclosure system for individuals and organizations to manage their environmental impacts. CDP recognizes Zurich among the top 8 percent of companies for supplier engagement on climate change.

Zurich aims for 75 percent of its managed procurement spend¹ to be with suppliers that have science-based emission reduction targets by 2025 and net-zero targets by 2030.

"The first step to reducing emissions is calculating them. By providing access to the Business Carbon Calculator, Zurich is empowering its suppliers -especially SMEs - to accelerate the transition to more sustainable business practices," said Normative CEO Kristian Rönn.

Zurich aims to become a net-zero emissions business in line with the Paris Agreement's goal to limit global warming to 1.5°C above pre-industrial levels. In March 2022, the Group brought forward the target date for achieving net-zero emissions in its own operations by 20 years to 2030 and set additional goals for its climate engagement with suppliers.

Supply chain emissions are on average 11.4 times greater than a company's own operational emissions. (CDP)

The Normative Business Carbon Calculator works best for small and medium sized businesses operating in a single country. Larger companies can, work with Normative paid carbon accounting and climate strategy services. Zurich has negotiated discounted fees for any of its suppliers who choose to work with Normative.

¹ The spend of approximately USD 2 billion annually managed by Zurich's Procurement and Vendor Management function on goods and services that are required to enable Zurich to maintain and develop its operations.

Contacts

• Media Relations
  Zurich Insurance Group
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Zurich Insurance Group (Zurich) is a leading multi-line insurer serving both people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.

Reflecting its purpose to 'create a brighter future together', Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and is one of the world's most sustainable insurers, as shown by the S&P Global Corporate Sustainability Assessment. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.

The Group has about 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.

Normative is the world's first carbon accounting engine, enabling enterprises to calculate their full carbon footprints and reduce their emissions to net zero. With rigorous, science-based emissions factors and rich value chain insights, Normative delivers accurate and comprehensive carbon calculations through scope 1, 2, and 3 for enterprises globally. Headquartered in Stockholm, Normative accelerates the transition to net zero and partners with leading climate change organizations including the UN. www.normative.io