In accordance with the Paris Climate Accord, 'The Hartford' has set a goal to achieve net-zero greenhouse gas emissions (GHGe) for all of its businesses and operations by 2050. This goal is in addition to the company's existing goals of operating with 100 percent renewable energy by 2030 and reducing select GHGe by at least 2.1 percent each year beginning in 2015, for a total reduction of 46.2 percent by 2037.
"The Hartford is proud to be a leader in addressing the vast and critical challenge of climate change, drawing on our centuries of risk management and sustainability legacy," said Christopher Swift, Chairman and CEO of The Hartford.
"We recognize that some critical metrics and standards for measuring progress toward our net-zero goal still need to be established, but we are focused on doing the necessary work and due diligence over the next few years to position us to meet this societal imperative," he added.
Standards for measuring emissions from underwriting, insurance, and investment activities are still being developed or have only recently become available.
The company recognizes climate change as an environmental and economic threat and will weigh various options and keep stakeholders updated on its progress toward implementing a methodology to measure GHGe across its portfolio of businesses and investments.
The Hartford places a high priority on environmental, social, and governance (ESG) issues and the company will continue to learn and share insights and expertise as accountability models for achieving net-zero progress are developed.
Given the complexity of property and casualty insurance and group benefits, achieving net-zero requires a pragmatic approach. As it considers initiatives, policies, and business decisions to achieve net-zero, the company will consider the impact on all stakeholders, with shareholder value creation remaining central throughout the process.
In a similar undertaking, Norwalk-based Booking Holdings released its first Climate Action Plan last month, outlining its goal of achieving near-zero emissions for its operations by 2030 and net-zero emissions by 2040.
