Global Property and Casualty Insurer Advances its Environmental, Social and Governance (ESG) Priorities with New Emissions Reduction Commitment and PCAF Membership
BOSTON (Sept. 13, 2021) – Liberty Mutual Insurance announced today its commitment to a 50% reduction of Scope 1 and 2 global greenhouse gas (GHG) emissions from 2019 levels by 2030, taking another step in its long-term strategy toward a low-carbon future. To reach these goals, Liberty Mutual will continue to decrease its operational carbon footprint by taking actions to increase operational efficiencies and identifying renewable energy opportunities across its real estate portfolio.
“Today’s announcement illustrates our continued focus of advancing our sustainability strategy,” said Liberty Mutual Insurance Chief Sustainability Officer Francis Hyatt. “We’re proud of this particular commitment, which aligns with recommended milestones set by credible ESG thought leaders. We recognize 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.”
With this in mind, the company 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 NZIA members and other re/insurers. The Working Group will develop the first global standard to measure and disclose insured GHG emissions. Read more about PCAF’s announcement here.
“We look forward to supporting the important and urgent work of the Insured Emissions Working Group,” said Liberty Mutual Insurance Senior Vice President of Sustainability Solutions Rakhi Kumar. “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.”
While today’s news marks additional sustainability milestones for Liberty Mutual, these steps are just one part of the company’s broader strategy toward a transition to a low-carbon economy, as well as its overall ESG journey. Additional notable and recent sustainability milestones for Liberty Mutual include:
- 2021: Liberty Mutual released its second annual ESG report and first report aligned with the Task Force on Climate Related Financial Disclosures (TCFD) recommendations, which was highlighted as an example by TCFD.
- 2020: Liberty Mutual became the first U.S. property and casualty (P&C) insurer to sign onto the United Nations-supported Principles for Responsible Investment (PRI), a global network of institutional investors and asset managers working to incorporate ESG issues into investment practices.
- 2019: Formal establishment of a Chief Sustainability Officer and global policy on coal underwriting and investing.
To learn more about Liberty Mutual’s environmental stewardship and ESG journey, visit the Sustainability section of its website, which includes ESG and TCFD reports, as well as regular updates about related events and thought leadership.
About Liberty Mutual Insurance
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 71st on the Fortune 100 list of largest corporations in the U.S. based on 2020 revenue. As of December 31, 2020, we had $43.8 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualinsurance.com.
