INNOVATE
As we collectively work to hasten net-zero emissions without off-setting by 2050, new opportunities have emerged which foster the innovation of green products and technologies. This green revolution is helping to power the mitigation work needed to reduce harmful emissions and uncouple carbon from economic growth. The UK insurance and long term-savings industry holds over £1.6trillion worth of assets with huge potential to be unlocked for greater investment in infrastructure and green technology.
Our Climate Change Roadmap: Meeting Net Zero by 2050
The UK Insurance and Long-term Savings sector is committed to reaching Net Zero by 2050 and to the global target of a 50% reduction in emissions by 2030 – in line with the Intergovernmental Panel on Climate Change (IPCC)’s Paris Climate Goals.
Direct Line Group
Innovation is at the heart of our members’ work to achieve carbon neutrality without offsetting. As well as good performance on internal targets on recycling and energy use, Direct Line Group continue to implement significant changes in their repair centres for vehicles with the aim to be the most energy-efficient repair network in the UK. For example, starting to fit new paint spray booths has led to greater control over how much power is required, leading to energy savings of up to 40%, alongside training technicians in new repair techniques reducing the need for repair materials. These are just two of many ways in which our members’ reach can go beyond their own operations into the wide range of work they undertake across the UK.
Ageas: Innovative solutions to increase green repairs
Ageas, one of the UK’s largest car insurers, is using ‘green’ parts to reduce the environmental impact of repairing cars after an accident. ‘Green’ car parts are original manufacturer car parts that are taken from a vehicle during the dismantling and recycling process. They are reusable and undamaged so can be used to replace parts in cars which need fixing following an accident. As well as reducing the amount of glass, metal, plastic and energy required to make a new part, it means quality-controlled parts that are already in existence get a second life, extending their use and reducing unnecessary waste. Ageas has also found an innovative solution to increase the number of green repairs it carries out. It has combined its salvage operation with its green parts supply, meaning parts from its salvaged vehicles now feed back into its repair network as ‘green’ car parts. Now, around one in five of the green parts it uses comes from its salvaged vehicles.