Chubb makes new commitment to reduce greenhouse gas emissions

Chubb makes new commitment to reduce greenhouse gas emissions | Insurance Business

Chubb makes new commitment to reduce greenhouse gas emissions

Chubb has set two new company-wide goals to reduce its greenhouse gas (GHG) emissions in several years’ time.

The company aims to decrease its GHG emissions by 20% on an absolute basis by 2025. Chubb also gave itself a long-term goal to reduce absolute GHG emissions by 40% by 2035. Both goals use 2016 emissions levels as the baseline, a release noted.

Chubb’s new environmental goals are aligned with the two-degree Celsius target outlined in the Paris Climate Agreement and the United Nations Environmental Program.

According to a release, this is Chubb’s third GHG emissions reduction commitment it has undertaken since it launched its corporate environmental program in 2006. But it’s the first that adheres to science-based standards upheld by the United Nations Environmental Program. Notably, it’s also the first companywide goal announced since ACE Limited acquired The Chubb Corporation in 2016, later adopting the Chubb name globally.

Chubb reduced its GHG emissions by nearly 27% per customer from 2006 to 2012, exceeding its initial target of 8% per employee. During the 2015-2018 period, the company reduced its absolute global GHG emissions by 21%.

The company hopes that by 2035, its focus on energy efficient operation programs will result in emissions reduction of almost 45,000 metric tons of CO₂ equivalent per year.

Chubb plans to accomplish this via a combination of real estate portfolio optimization, energy efficiency projects and purchasing renewable electricity.