Liberty Mutual Insurance has announced a new climate commitment to reduce its Scope 1 and 2 global greenhouse gas (GHG) emissions by 50% from its 2019 levels by 2030.
To reach these goals, the company plans to decrease its operational carbon footprint by taking actions to increase operational efficiencies and identifying renewable energy opportunities across its real estate portfolio.
“Today’s announcement illustrates our continued focus of advancing our sustainability strategy,” said Liberty Mutual Insurance Chief Sustainability Officer Francis Hyatt.
“We’re proud of this particular commitment, which aligns with recommended milestones set by credible ESG thought leaders. We recognize that there is more work to be done to address climate change and its impacts and that we must play a role in encouraging a responsible transition to a low-carbon economy.”
Liberty Mutual Insurance also recently joined the Partnership for Carbon Accounting Financials (PCAF) and will participate in its newly established Insured Emissions Working Group, which includes PCAF insurance signatories, founding NZIA members and other re/insurers.
The Working Group will develop the first global standard to measure and disclose insured GHG emissions. Read more about PCAF’s announcement here.
“We look forward to supporting the important and urgent work of the Insured Emissions Working Group,” said Liberty Mutual Insurance Senior Vice President of Sustainability Solutions Rakhi Kumar.
“There is a significant need to create a methodology for calculating and evaluating underwriting portfolios that is both meaningful and measurable, giving insurance companies useful information and a framework for reporting that is critical to facilitating a transition to a low-carbon future.”