QBE Insurance

Multi-line Insurance / Reinsurance

QBE.AX

AUD 14 0.95

Share price

$ 15 bn

Market Cap

$ 13 bn

Enterprise Value

Carbon footprint

GHG emissions per $ 1 mln investment

0.01x the weighted average for S&P 500

FY2021

Primary Climate Goal

Proj. YOY change in GHG emissions (Scope 1 + 2)

Stronger than the -6.6% weighted average for S&P 500

FY2022

QBE Insurance aims to achieve net zero for Scope 1 + 2 by 2030

This target has not been verified as science based according to SBTi

Secondary Climate Goal

Proj. YOY change in GHG emissions (all Scopes)

Weaker than the -6.9% weighted average for S&P 500

FY2022

QBE Insurance aims to achieve net zero for all Scopes by 2050

This target has not been verified as science based according to SBTi

GHG emissions and Carbon intensity

QBE Insurance reported gross GHG emissions (Scope 1 + 2 before carbon offsets) for the twelve months ending 31 December 2021 at 6.1 Kt (+0.18/+3.1% y-o-y).

QBE Insurance's Scope 3 emissions decreased to 9 Kt (-0.52 /-5.5% y-o-y). The rate of decline has slowed vs. the previous periods (CAGR -15.8% since 4Q'16).

The company is committed to achieving net zero for Scope 1 + 2 by 2030, which translates into the estimated reduction of -0.67 Kt per annum over the period of FY2022 - FY2030. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

Also, the company commits to achieving net zero for all Scopes by 2050, which translates into the estimated reduction of -0.52 Kt per annum over the period of FY2022 - FY2050. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.

QBE Insurance achieved carbon neutrality across its operations (Scope 1 + 2) in 2018. Companies normally become carbon neutral with the help of the acquisition of carbon offsets rather than absolute reductions in their own greenhouse emissions. Also, carbon neutrality does not include non-CO2 GHG emissions.

Date	Total CO2e emissions (market-based Scope 1 & 2) (Kt)	Scope 1	Scope 2	Scope 3	Carbon offsets	Revenue (USDm)	Carbon intensity (tons of CO2e) / (USDm)
2021Q4	6.1	5.7	0.33	9	15
2020Q4	5.9	5.5	0.33	9.5	15
2019Q4	13	6.6	6.2	17	30
2018Q4	30	8.3	21	20	50
2017Q4	32	7.9	24	23
2016Q4	34	8.7	25	25
2015Q4	46	12	33	11
2014Q4	47	11	36	11