MMC pledges to become carbon neutral during 2021
Marsh & McLennan Companies (MMC) has said it will work to become carbon neutral over the course of 2021 and to reduce its carbon emissions by 2025.
In a statement on Thursday, the broking and consultancy giant said it would become carbon neutral by reducing greenhouse gas emissions and purchasing verifiable offsets.
MMC has also committed to cutting its carbon emissions to 15% below 2019 levels by 2025. It will outline a more detailed plan for doing so in its upcoming 2020 ESG report, which is due in March.
Commenting on the targets, MMC CEO and president Dan Glaser said: “At Marsh & McLennan, we recognize the opportunity, and indeed the obligation, that we have to be good stewards of the environment. We are committed to the principle of responsible capitalism.”
“These climate initiatives represent a tangible step toward building a more sustainable environment for our colleagues, clients, shareholders and future generations,” he added.
At the annual Davos summit in January last year, leaders at global major financial institutions pledged to lower greenhouse gas emissions to net zero by 2050 or earlier.
The MMC pledge is the latest action to come from the insurance industry, following RenaissanceRe's decision yesterday to revamp its ESG strategy and work with ClimateCare to offset its carbon emissions.
Environmental policies and corporate social responsibility continue to move up the list of investor priorities, and earlier this year, Lloyd’s set out its first ever ESG policy, saying it was the right time to develop an agenda.
In September last year, Axa XL unveiled a carbon management strategy, as part of which the carrier said it would work to establish a roadmap to decarbonize its operations.
However, the United Nations has warned that reducing greenhouse gas emissions will not be enough to erase the need to adapt to extreme weather, and that radical action is required to hold global warming below 1.5 degrees Celsius.