Bengaluru, NFAPost: Over the next 10 years, MetLife Inc has committed to reduce its location-based greenhouse gas (GHG) emissions by 30% from 2019 levels, originate $20 billion in new MetLife Investment Management (MIM)–managed green investments, and allocate $5 million to develop products and partnerships that drive climate solutions.
Those are just three of the company’s 11 2030 Environmental Goals, which it just announced. MetLife also committed to plant 5 million trees (prioritizing areas vulnerable to natural disasters) and to maintain carbon neutrality annually across its global offices, fleet, and business travel3, and MetLife Foundation committed to grant $10 million for environmental causes.
In addition, MetLife pledged to mobilise 100 of its suppliers to set their own GHG emissions reduction target by 2025.
MetLife head of Corporate Affairs and Sustainability Mike Zarcone said the company believes in building a more confident future that requires to use natural resources sustainably and help address issues such as climate change.
Environmental impact
“The 11 new goals aim to reduce the environmental impact of MetLife’s global operations and supply chain, while leveraging its investments, products, and services to help protect communities and drive innovative solutions,” said MetLife head of Corporate Affairs and Sustainability Mike Zarcone.
MetLife surpassed its previous environmental goals a year early. Between 2012 and 2019, the company reduced its annual energy consumption by 33% and its location-based GHG emissions by 27%, exceeding its targeted reductions of 10% by 2020.
MetLife, Inc, through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world.
Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com
As of year-end 2019, MIM, MetLife’s institutional investment management business, had more than $18.3 billion in green investments under management, including ownership stakes in wind and solar farms.
Carbon neutrality
MetLife has long been an industry leader on sustainability and climate change. For example, in 2016, it was the first US-based insurance company to achieve carbon neutrality, a status it has maintained for four straight years. In 2020, Metropolitan Life Global Funding I issued a U.S. $750 million green bond, the industry’s first note secured by a green funding agreement.
Through its membership in the Carbon Disclosure Project (CDP) Supply Chain Program, MetLife encourages its business partners to take action on climate change. In 2019, more than 100 of its suppliers disclosed their GHG emissions and mitigation activities.
More than 10,000 MetLife employees participated in the company’s 2019 “Our Green Impact” initiative, which offers a wide range of opportunities to support and learn about sustainability.
These efforts have led to significant recognition. For example:
- MetLife has earned a spot on the Dow Jones Sustainability North America Index four years in a row.
- MetLife has also received a Leadership grade (A-) on climate change in the CDP Investor Report four years in a row.
- In 2019 and 2020, MetLife received the U.S. Environmental Protection Agency’s ENERGY STAR® Partner of the Year Award, in recognition of how it has advanced energy efficiency best practices.
- This year, the U.S. Department of Energy recognized MIM for the energy efficiency improvements it has made as part of the Better Buildings Initiative.
For more information, please read MetLife’s new Global Environmental Policy and visit the company’s Sustainability website.
- For a definition of “green investments,” please go to https://www.metlife.com/sustainability/MetLife-sustainability/climate/. For additional details about MetLife’s green investments, please go to https://www.metlife.com/sustainability/MetLife-sustainability/investments/.
- All goals have a base year of 2020 and a goal year of 2030, unless otherwise stated. For additional details about MetLife’s 2030 Environmental Goals, please visit https://www.metlife.com/sustainability/MetLife-sustainability/climate/.
- MetLife’s goals for GHG emissions and carbon neutrality apply to all of its owned and leased offices across the world, its fleet of automobiles in its Auto & Home business line (Scope 1 and 2 emissions), and its employee business travel (Scope 3 emissions).
