Ping An to achieve operational carbon neutrality in 2030

Initiatives announced at opening of Nujiang - Gaoligong Mountain, the Sound of Ping An Exhibition Center in Kunming

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Ping An Insurance (Group) Company of China, Ltd.

Oct 28, 2021, 10:22 ET

HONG KONG and SHANGHAI, Oct. 28, 2021 /PRNewswire/ -- Ping An Insurance (Group) Company of China, Ltd. (hereafter "Ping An" or the "Group", HKEX: 02318; SSE: 601318) announced it is on track to achieve operational carbon neutrality in 2030. The announcement came at the opening ceremony of the Nujiang – Gaoligong Mountain, the Sound of Ping An Exhibition Center in Yunnan Province.

At the ceremony, Ping An also announced the enhanced operation plan for Green Finance+. Ping An will focus on green operations, green assets, green insurance, green charity and green technology to support societal green transformation and sustainable development.

Focused on Operational Carbon Neutrality in 2030 and Green Finance

"Carbon neutrality" is an emerging topic around the globe. Ping An officially announced that the company will achieve carbon neutrality by reducing internal carbon emissions first, then investing or purchasing carbon credits to align with international operations standards.

Ping An also announced the enhanced operation plan for Green Finance+. To support China's "30-60" target – to hit peak emissions by 2030 and carbon neutrality by 2060 – Green Finance+ is an upgraded operational plan in five aspects, including green operations, green assets, green insurance, green charity, and green technology. In April 2021, Ping An published its targets for the annual growth rates for its green investments of no less than 20%, green insurance premiums no less than 70% and green credit balance no less than 20%. Ping An aims to achieve the overall targets by 2025 with investment and credit of RMB400 billion and total green insurance premiums of RMB250 billion.

In addition to working towards green operations with carbon neutrality, Ping An's investment in green assets will help establish standards and policies for green finance. Ping An will also launch a roadmap for carbon neutrality in the asset portfolio. For green insurance, the company promotes innovation on existing policies and products, and will provide comprehensive green insurance products and services. For green charity, the company will release its plan on its new Carbon Neutral Charitable Trust and organize public welfare activities. For green technology, the company will continue to leverage its technological edge to achieve carbon neutrality.

As of the third quarter of 2021, Ping An achieved green investment of RMB208.89 billion, green credit of RMB53.28 billion, and green insurance of RMB25.11 billion. The green projects included the Baihetan Dam, Shenzhen compulsory environmental pollution liability insurance, Zhuhai catastrophe index insurance, data center planning to improve power usage efficiency, and a Natural Disaster Early Warning Mechanism.

Deliver the sound of Ping An in harmonious symbiosis between human and nature

The Nujiang – Gaoligong Mountain, the Sound of Ping An Exhibition Center showcases the Gaoligong Mountain's ecological environment to locals and visitors in visual and audio dimensions. The Gaoligong Mountain in Yunnan, which connects the Qinghai-Tibet Plateau and the Indochina Peninsula, is one of 17 key biodiversity areas in China. It is also the gene bank of species resources of China and the world and is listed as a UNESCO biodiversity protection circle.

The center, in Nujiang Baihualing Lisu Music Town, was jointly built by Yunnan Province Nujiang Lisu Autonomous Prefecture and Ping An.

Chinese explorers travelled around the Gaoligong Mountain region to collect the sounds of nature and humanity. The documentaries featured at the center enable audiences to discover the symbiotic relationships between humans and nature.

Ping An is committed to supporting China's green transformation and industry upgrades to realize China's "30-60" target, contributing to global sustainable development, and promoting the well-being of all mankind.

About Ping An Group

Ping An Insurance (Group) Company of China, Ltd. ("Ping An") is a world-leading technology-powered retail financial services group. With over 225 million retail customers and near 634 million internet users, Ping An is one of the largest financial services companies in the world. Ping An focuses on two over-arching domains of activity, "pan financial assets" and "pan health care", covering the provision of financial and health care services through our integrated financial services platform and our ecosystems; in financial services, health care, auto services and smart city services. Our "finance + technology" and "finance + ecosystem" transformation strategies aim to provide customers and internet users with innovative and simple products and services using technology. As China's first joint stock insurance company, Ping An is committed to upholding the highest standards of corporate reporting and corporate governance. The Group is listed on the stock exchanges in Hong Kong and Shanghai. Ping An ranked 6th in the Forbes Global 2000 list in 2021 and ranked 16th in the Fortune Global 500 list in 2020. Ping An also ranked 49th in the 2021 WPP Kantar Millward Brown BrandZTM Top 100 Most Valuable Global Brands list.

For more information, please visit www.group.pingan.com and follow us on LinkedIn - PING AN.

SOURCE Ping An Insurance (Group) Company of China, Ltd.