Environment
Climate change
Climate change and its consequences are already having a significant impact on society, business and the insurance sector. ERGO Lithuania within implemented environmental management system monitors greenhouse gas emissions related to our business operations and implements measures intended to reduce emissions where feasible.
Managing the impact of climate change
Managing the impact of climate change is at the heart of our commitment to identifying, monitoring, assessing and integrating climate change risks into the overall Group risk management framework, in cooperation with other ERGO Group companies. At Group level, Munich Re and ERGO conduct climate-related scenario analyses of physical and transition risks to understand the potential long-term impacts on insurance business and assets by 2050. For these Group-wide analyses, the Group bases its work on scenarios developed by the Network for the Greening of the Financial System (NGFS), including:
An orderly transition scenario
The Paris Agreement target is progressively met by 2050, with a 67% chance of limiting global warming to 1.5°C by the end of this century
A disorderly and delayed transition scenario
The necessary action is postponed for a while and then the target is reached through intensive implementation of very stringent measures
A "Hot house world" scenario
The global community does not agree with effective climate action, resulting in a high temperature scenario where emissions continue to rise throughout the 21st century
Based on these scenarios and complementing the developed methodologies with the available data in Lithuania, strategy of ERGO for managing future climate activities in Lithuania is being continuously improved.
The sustainability objectives and strategy
ERGO Lithuania’s sustainability objectives are aligned with Munich Re and the ERGO Group related ESG objectives, while taking into account local environmental, social and governance (ESG) aspects and risks, as well as the specific nature of ERGO Lithuania operations and potential impact areas.
Our long-term strategy for the period to 2050
Our long-term strategy for the period to 2050 is based on three key elements:
- decarbonisation targets
- climate risk management
- development of innovative risk management solutions to adapt to climate change and mitigate its negative impacts.
ERGO Lithuania contributes to the climate-related objectives defined within the Munich Re Group Climate Ambition framework. Information regarding those objectives is available at www.munichre.com/climate.
ERGO medium-term strategy
ERGO medium-term strategy is defined and implemented in the “Ambition 2030” programme, focusing activities in the following strategic areas:
- Responsible corporate governance rooted in ethical and legal conduct.
- Environmental protection and climate change mitigation, including decarbonization targets, which apply to Insurance, business, Investments and Own Operations.
- Business model within which we take into account ESG aspects, respect human rights criteria and support the international conventions in the controversial weapons context.
Environment and climate protection
As part of the Munich Re Group Amibition 2030, we adopted the Climate Ambition 2030 program, which sets out targets and aims for our contribution to climate protection in:
- Investments
- Insurance
- Own Operations.
An overview and definition of the targets and aims of the Munich Re Group Climate Ambition 2030 can be found here: www.munichre.com/climate. ERGO Lithuania contributes to the goals of the Munich Re Group Ambition.
Employees
Treating employees with responsibility and respect is one of our priorities. We create the conditions to foster the personal and professional development of our employees, and form a working environment that supports diversity, equality and inclusion.
Society
We support initiatives and projects of the cooperation partners and the public to promote social equality and solidarity.
The sustainability objectives and strategy
ERGO Lithuania’s sustainability objectives are aligned with Munich Re and the ERGO Group related ESG objectives, while taking into account local environmental, social and governance (ESG) aspects and risks, as well as the specific nature of ERGO Lithuania operations and potential impact areas.
ERGO Environmental management system
ERGO Lithuania has established a systematic and verified approach to its environmental management activities. Since 2023, ERGO branches in Latvia/Lithuania/Estonia have been awarded ISO14001:2015 Environmental Management System standard certificate.
As part of our Environmental Management System, we continue to work on continuous improvements in reducing GHG emissions and are progressively integrating ESG requirements throughout the value chain.
