ESG Integration Framework about the sustainable solutions performance please see the Group Sustainability Report at www.allianz.com/sustainability. 03.11.2 Green energy and renewables insurance The global energy system is changing rapidly, with renewables starting to gain meaningful market share across most markets. Generating electricity from renewable sources is becoming progressively more effective and acquiring growing significance. Modern critical infrastructures are becoming increasingly smarter and interconnected which expose them to cascading and ripple effects and high impact threats, such as cyber and terrorist attacks or extreme weather events. Building and operating plants that generate green energy is a process that poses a number of different risks for investors, construction companies, operators and manufacturers. Allianz is the major insurer of green energy projects globally throughout all stages of the project lifecycle, from planning to decommissioning with a variety of insurance, such as erection and construction all risk insurance, liability insurance, marine insurance and technical advisory solutions. 03.11.3 ESG opportunities in proprietary investments When looking at investment opportunities linked to ESG topics, Allianz’s key focus is to enable the transition to a low-carbon economy, promote sustainable development, and to address environmental or climate-related concerns through • equity and debt investments in renewables, • investments in green, social and sustainability bonds, • investments in certified sustainable buildings, • investments in infrastructure in developing economies, • Impact investments, and • green infrastructure. 38