Aviva Holds Firm on Climate Commitments Amid US and UK Net Zero Backlash

Aviva’s chief executive, Amanda Blanc, has doubled down on the company’s climate commitments, even as political winds shift and net zero ambitions face mounting criticism in both the US and UK.

The statement came on the same day Aviva’s shares reached their highest point since the 2008 financial crisis, a milestone driven by rising profits and a fresh round of payouts to investors worth 13.1 pence per share. Investors appeared pleased, sending the stock higher in early trading.

Blanc told reporters that the insurer’s climate transition plans remain firmly in place. She stressed that these efforts are not just about corporate responsibility, but also a necessary response to the increasing number of extreme weather events, which have direct implications for the company’s insurance business.

“We remain committed to our ambition,” she said on Thursday. “It’s also an important priority for many of our clients, but I would always put this into the context of extreme weather conditions, climate change and the impact that that has on our insurance business that actually insures properties.”

The broader financial sector, however, is grappling with a shift in tone. Since Donald Trump’s return to the White House, a fresh wave of climate backlash has emerged, accompanied by renewed calls for expanded oil and gas production. In the US, several major banks have walked away from the Net-Zero Banking Alliance, a United Nations–backed initiative aimed at aligning the industry with climate goals. The departures include JP Morgan, Citigroup, Bank of America, Morgan Stanley and Goldman Sachs. UK giants HSBC and Barclays have since followed, raising questions about the alliance’s future.

This retreat has caused deep divisions in the financial world. Bill Winters, the chief executive of Standard Chartered, publicly criticised those institutions, accusing them of joining the climate effort when it was “fashionable” only to back away when the political or economic landscape shifted. “Shame on them,” he remarked last month.

Aviva, by contrast, has this year released a new net-zero transition plan, aiming to reduce emissions from its operations by 90% by 2030 compared to 2019 levels. The company also plans to source all of its electricity from renewables. Blanc acknowledged that emissions tied to clients present a more complicated challenge, but emphasised that it remains a focus for the business.

She said: “The important thing for us is to offer optionality for either investors, customers, or people at the funds that they want to invest in, but also thinking about the practical side of that for our insurance business itself.”

For the six months to June, Aviva reported a 22 per cent increase in operating profit to £1 billion, up from £875 million a year earlier. The boost came from strong growth in general insurance premiums in the UK and Ireland, as well as an influx of assets into its wealth management division. Shares rose as much as 4.7 per cent to roughly £6.90 before ending the day 2.6 per cent higher at £6.75.

Elsewhere in the sector, Admiral Group’s shares climbed nearly 6 per cent after the insurer reported a striking 67 per cent rise in half-year profits to £516 million, helped by strong performance in its UK car insurance arm and competitive pricing strategies.