US property and casualty insurer, The Hartford, has announced its 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.
The goal is in addition to the company’s existing targets, where they aim to operate with 100% renewable-energy-source consumptions for its facilities by 2030, and to also reduce select GHGe by at least 2.1% each year starting in 2015 for a total reduction of 46.2% by 2037.
Standards for measuring emissions associated with underwriting, insurance and investment activities are still being developed, and have only recently emerged.
The Hartford will evaluate various options and keep its stakeholders informed of any progress made towards adopting a methodology to measure GHGe in their portfolio of business and investments.
In a press release, it states that 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.
In addition, The Hartford’s net zero goal requires a pragmatic approach given the complexity of both property and casualty insurance and group benefits.
The press release also added that The Hartford 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.
Christopher Swift, The Hartford’s Chairman and CEO, commented: “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.
“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.”
Meanwhile, in February 2022, The Hartford and Swiss Re Corporate Solutions entered into a strategic agreement that expands The Hartford’s network of global partners.