Environmental Policy

Executive Summary

Policy objective

1. To limit the impact that businesses have on the environment and to manage environment risk as effectively as possible. The policy sets out how Aviva will engage to meet the various environmental challenges and opportunities in line with its commitment to good environmental practice and innovation. 

Key features and improvements

1. New format incorporates greater detail on risk appetite.

2. Designed to limit the impact that Aviva's businesses have on the environment and to meet the various environmental challenges and opportunities.

Key risks

1. The group's inability to uphold its commitment to reduce its carbon dioxide emissions which may have financial implications for the group's carbon neutral commitment.

2. Failure to regularly update pricing and capital allocation in respect of the prevailing climate risk.

3. Non compliance with local environmental legislation / regulation by any part of the group.

Control standards

1. Integration of environmental considerations and opportunities into business decision making and purchasing/supplier management.

2. Local businesses set targets and monitor performance on significant aspects of climate change and waste management.

3. Group CR annually review the group's performance worldwide to ensure Aviva is meeting its environmental objectives and targets and will publish reports annually.

4. CR committee review programme progress, and also authorise changes to list of approved carbon brokers and set criteria for selection of carbon neutral projects.

5. Completion of actual / planned carbon offsetting investment / activity and comparison with expectations is monitored on a regular basis.

6. Review and analysis of business environmental / regulatory control breaches and monitoring of remedial action taken to resolve any legislative / regulatory issues.