Liberty Mutual Insurance has announced a commitment to reduce Scope 1 and 2 global greenhouse gas (GHG) emissions by 50% from 2019 levels by 2030.
To reach this goal, the insurer said it would continue to decrease its operational carbon footprint by taking actions to increase operational efficiencies and identifying renewable energy opportunities in its real estate portfolio.
“Today’s announcement illustrates our continued focus of advancing our sustainability strategy,” said Francis Hyatt, chief sustainability officer at Liberty Mutual. “We’re proud of this particular commitment, which aligns with recommended milestones set by credible ESG thought leaders. We recognise 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 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 Net-Zero Insurance Alliance members and other insurers and reinsurers. The working group will develop the first global standard to measure and disclose insured GHG emissions, Liberty Mutual said.
“We look forward to supporting the important and urgent work of the Insured Emissions Working Group,” said Rakhi Kumar, senior vice president of sustainability solutions at Liberty Mutual. “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.”