Commercial, GHG Emissions, Finance - November 10, 2021
The Hartford to Invest $2.5 Billion in the Global Energy Transition
The Hartford announced Nov. 9 that it is committed to investing $2.5 billion over the next five years in technologies, companies, and funds that advance the global energy transition.
The insurance company signed the UN Global Compact to signal its commitment to such global climate change targets. The company also released plans to exit all tar-sands investments by the end of 2021, two years earlier than its previous commitment announced in December 2019.
“As a 211-year-old insurer and asset manager, we view the transition to a greener society as a business imperative, and we are doing our part,” Chairman and CEO Christopher Swift said in a statement. “We are demonstrating our environmental commitment through our actions across the business, ranging from insurance solutions that encourage sustainable construction to investments by the company in renewable energy. We are proud of our progress and remain determined to use our resources responsibly to address the challenge of climate change.”
The Hartford reached 100% renewable energy use in its facilities in 2020, 10 years before its previously-set target, and plans to continue to source all clean energy going forward. The company is also pursuing a target to reduce select greenhouse gas emissions by at least 2.1% each year, reaching a 46.2% reduction by 2037 compared to a 2015 baseline.
The company published its first Task Force on Climate Related Financial Disclosure (TCFD) report in 2020 and its first Sustainability Accounting Standards Board (SASB) report in 2021.