Commercial, Energy Efficiency, GHG Emissions - July 24, 2019
AIG releases inaugural TCFD Report
American International Group, Inc. issued its first Task Force on Climate-related Financial Disclosures (TCFD) report and created a position of Chief Sustainability Officer to lead the development and implementation of a company-wide sustainability strategy. Jennifer Waldner has been appointed to fill this role.
“The creation of a Chief Sustainability Officer position reflects AIG’s ongoing commitment to sustainability as an insurer, investor, employer and corporate citizen, along with our efforts to take a thoughtful, coordinated approach across our global footprint. Jen’s expertise on sustainability matters and in-depth understanding of AIG’s businesses uniquely position her for success in this important role,” said Mr. Leonardi.
Ms. Waldner commented: “I look forward to working with colleagues around the world to evolve AIG’s sustainability strategy and to enhance our reporting approach. The release of our first TCFD report is an important step in this process, and one on which we will continue to build.”
AIG has two regional targets set for reducing operational emissions. In the UK, the company has committed to reducing Scope 1 and Scope 2 carbon emissions by 20% below the 2010 baseline level by 2020. As of 1/1/2019, AIG’s UK operations have exceeded the target commitment, reducing overall Scope 1 and Scope 2 emissions by 40%, 200% of the original target.
AIG committed to reduce the carbon emissions associated with its NYC operations by 30% from 2011 levels by 2023. The report said, “As of the end of 2018 we are on track to meeting that goal, having achieved 77% of the total reductions needed.”
AIG reported a 9% reduction in emissions in 2018 year-over-year. The decreases for the reported geographies, which includes UK and New York City operations, were driven by energy efficiency initiatives and consolidation/reductions of office footprints through consolidation, densification, and work-from-home strategies. AIG’s emissions disclosures are currently limited to Scope 1 and 2. The report noted, “As an insurance company that does not manufacture or sell tangible products, most indirect upstream and downstream (Scope 3) emissions that occur in AIG’s value chain are not applicable. Business travel is relevant to our operations, but not currently disclosed.”
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