Chubb has announced a new companywide goal to reduce its global greenhouse gas (“GHG”) emissions 20 percent on an absolute basis by 2025. The company also established a long-term goal to reduce absolute GHG emissions 40 percent by 2035.
Both goals use 2016 emissions levels as the baseline.
Chubb said in a statement that its goals were aligned with the two-degree Celsius target outlined in the Paris Climate Agreement, as well as the quantitatively supported science-based standards methodology of the United Nations Environmental Program.
This is the third GHG emissions reduction commitment the company has undertaken since launching its corporate environmental program in 2006, and the first that adheres to science-based standards. This is also the first companywide goal announced since ACE Limited acquired The Chubb Corporation and adopted the Chubb name globally in 2016.
“Chubb recognizes the reality of climate change and the substantial impact of human activity on our planet,” said Evan G. Greenberg, the chairperson and chief executive officer of Chubb. “One of the ways Chubb proactively addresses climate change is by reducing the environmental footprint of our own operations. We have made significant progress since we launched our corporate environmental program more than a decade ago. We look forward to having an even bigger impact in the coming years by adopting these leading science-based standards. This initiative is aligned with Chubb's commitment to citizenship, which recognizes that we must do our part as a steward of the Earth.”
From 2006 to 2012, the company reduced GHG emissions nearly 27 percent per employee, substantially exceeding its original target of eight percent per employee. It set a new goal in 2014.
From 2015 to 2018, a period that included the acquisition, Chubb reduced its absolute global GHG emissions by 21 percent. By 2035, Chubb said, the impact of its continued focus on energy efficient operation programs will result in the emissions reduction of nearly 45,000 metric tons of CO₂ equivalent per year.
Achieving these goals will be accomplished through a combination of real estate portfolio optimization, energy efficiency projects, and the purchase of renewable electricity. Chubb has worked to make reductions within its global operations, with a focus on reducing energy consumption at the facility level, primarily in owned buildings and larger, long-term leased spaces. This includes efforts to reduce the direct and indirect GHG emissions generated from heating, cooling and lighting in offices and from company owned or leased vehicles, as well as the reduction, reuse or recycling of resources.
Chubb pointed out that the environment also is a priority in its corporate philanthropy. The Chubb Charitable Foundations and the company's employees support a wide range of environmental causes and volunteer activities in local communities around the world.
Learn more: www.chubb.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].