Travelers said it plans to reduce its U.S. greenhouse gas emissions by 7 percent in five years after entering into a program with the U.S. Environmental Protection Agency.
The St. Paul, Minn.-based insurer said it has pledged to reduce its emissions during the years 2006 to 2011. The company said the initiative is the result of the company's participation in Climate Leaders, the EPA's industry-government partnership that works with companies to develop comprehensive climate change strategies.
Travelers said that under the program participants commit to reducing their impact on the global environment by completing a corporatewide inventory of their greenhouse gas emissions, setting reduction goals and annually reporting their progress.
It is estimated by the EPA that by achieving the goals, partners will prevent gas emissions equivalent to exhaust from more than seven million cars.
Andy Bessette, executive vice president and chief administrative officer of Travelers, said the company is focused not only on reducing emissions but also increasing operating efficiency.
"We're proud of our pledge to reduce greenhouse gas emissions and to be an industry leader dedicated to improving the global environment," he said.
Additional efforts include establishing a climate change committee to identify emerging risks that may require new underwriting strategies or develop new insurance coverages.
The work of this committee, Travelers said, has resulted in a 10 percent insurance discount for hybrid drivers; insurance programs for wind power farms and other emerging clean energy technology; and boiler and machinery policies providing for the incremental cost to replace machinery, including that which is more efficient and environmentally friendly.
Travelers' two largest campuses in Saint Paul and Hartford, Conn., received the EPA's Energy Star label, signifying energy efficiency. It is also actively involved in a number of environmental business council committees.
More information about Climate Leaders is available at www.epa.gov/climateleaders.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.