The Hartford today announced a goal to achieve net zero Greenhouse Gas Emissions (GHGe) for its full range of businesses and operations by 2050, in alignment with the Paris Climate Accord. This goal is in addition to the company’s existing targets to operate with 100% renewable-energy-source consumption for its facilities by 2030 and to reduce select GHGe by at least 2.1% each year starting in 2015 for a total reduction of 46.2% by 2037.
“The Hartford is proud to be a leader in helping address the extensive and crucial challenge of climate change, drawing on our centuries of experience managing risk and our legacy of sustainability,” said The Hartford’s Chairman and CEO Christopher Swift. “We recognize some critical metrics and standards still need to be established to measure progress toward our net zero goal, but we are focused on doing the essential work and necessary due diligence over the next few years to position us to meet this societal imperative.”
Standards for measuring emissions associated with underwriting, insurance and investment activities are still being developed or have only recently emerged. The company will evaluate various options and keep its stakeholders informed of progress toward adopting a methodology to measure GHGe in its portfolio of businesses and investments. Environmental, Social and Governance (ESG) matters are a top priority for The Hartford, and the company will remain engaged in learning and sharing insights and expertise as accountability models for marking net zero progress are developed.
The net zero goal requires a pragmatic approach given the complexity of property-and-casualty insurance and group benefits. The company will balance the impact to all stakeholders as it considers initiatives, policies and business decisions to achieve net zero, with shareholder value creation remaining central throughout the process.