MAPFRE, a leading insurance company in Spain, has joined the Net-Zero Insurance Alliance (NZIA) to achieve greenhouse emission neutrality by 2050. The insurer will bring down emissions in its insurance and reinsurance underwriting portfolios.

MAPFRE is increasing sustainability and strengthening its position in the insurance sector as a significant player in the fight against climate change. It aims to decrease its environmental footprint as much as possible and step up decarbonisation efforts in underwriting and investment.

The company aims to neutralise its footprint in eight countries by 2024 and the entire group by 2030. To achieve the goal, the insurer will have an underwriting criterion to have a significant impact in terms of emissions, define decarbonisation commitments, and promote agreements, products, and services.

When MAPFRE pledges to achieve net-zero in its operations, it will align with one of the goals of the Paris Agreement, which limits the rise in global temperature to 1.5ºC above preindustrial levels by 2100.

Antonio Huertas, MAPFRE Chairman and CEO, said: "Economic decarbonisation is essential for the planet. our environmental commitment is to continue raising the demand for sustainability firmly and Progressively, accompanying society in a fair transition, and helping our customers and people who depend on their activity to also converge in this direction.

“From our end, we care about improving the management of our environmental footprint, promoting the circular economy, and, through underwriting and investment, supporting the fair transition toward a net-zero economy, prioritising people’s well-being.”