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February 17, 2012updated 13 Apr 2017 8:46am

Allianz helps to turn India green

Under the 10-year joint initiative, Allianz and C-Quest will co-finance replacement of some 8.5m incandescent light bulbs with energy-efficient lighting in households in three Indian states.

By LII editorial

In a win-win initiative for all involved, Allianz has joined forces in India with US-based carbon emissions projects specialist, C-Quest Capital. Under the 10-year joint initiative, Allianz and C-Quest will co-finance replacement of some 8.5m incandescent light bulbs with energy-efficient lighting in households in three Indian states.

The objective, said Allianz Climate Solutions CEO Armin Sandhövel, is to help alleviate pressure on India’s power grid. In the process, he adds, there will be a big reduction in the emission of greenhouse gasses which will assist Allianz fulfil its own carbon reduction and neutralisation objectives.

Sandhövel explained that, for each tonne of avoided carbon dioxide (CO2) emission, the Indian project will be awarded an emission reduction certificate. Over 10 years, 3.73m tons of CO2 will be avoided.

While most certificates will be sold on international carbon markets to generate financial returns, Allianz will also purchase and withdraw a portion in order to neutralise its internal emissions as a part of its voluntary carbon reduction and neutralisation strategy.

The Allianz Group committed itself to cut its internal emissions by 20% between 2006 and 2012. Remaining emissions will be neutralised through credits received from investments into carbon projects, such as the one in India and the insurer’s extensive investment in renewable energy project.

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