Property and casualty insurer The Hartford says it will work toward cutting greenhouse gas emissions connected to its businesses and operations to net zero by 2050.
The new goal, made public Thursday, is intended to complement previously announced environmental objectives for the company, including switching to renewable energy sources across its facilities by 2030 and dropping certain greenhouse gas emissions by at least 2.1% each year from 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 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.”
The Hartford said it is still exploring how best to measure emissions associated with its underwriting, insurance and investment activities.
The new goal comes as the insurer moves forward with plans to invest $2.5 billion over the next five years to support a shift away from fossil fuel consumption and toward renewable energy use. The company is also exiting investments connected to tar-sands and coal.
