The Hartford earmarks $2.5B to support green energy transition
In addition to the monetary pledge, the company also signed the UN Global Compact.
Building on its previous climate change pledges, The Hartford is investing $2.5 billion during the coming five years in technology, companies and funds that advance “energy transition and address climate change,” the insurance company reported.
The company also became one of the first property & casualty insurers to sign the UN Global Compact, a sustainability initiative bringing together companies under an aligned strategy to address issues on human rights, labor, anticorruption and the environment.
“As a 211-year-old insurer and asset manager, we view the transition to a greener society as a business imperative, and we are doing our part,” Christopher Swift, The Hartford’s chairman and CEO, said in a release. “We are demonstrating our environmental commitment through our actions across the business, ranging from insurance solutions that encourage sustainable construction to investments by the company in renewable energy. We are proud of our progress and remain determined to use our resources responsibly to address the challenge of climate change.”
Additionally, The Hartford expects to withdraw from all tar-sands investments by December 31, 2021, two years ahead of its schedule. Investments in coal, as specified in its coal and tar sands policy, are anticipated to cease by the end of 2023, according to the company.
The Hartford also reported it met the goal of sourcing 100% renewable energy for its facilities in 2020, a decade before its self-imposed deadline, and will maintain its full-renewable status moving forward.
The P&C insurer first formalized a climate change statement in 2007, and has since reconfigured the commitment to fall in line with the fifth Assessment of Intergovernmental Panel on Climate Change, a report produced by the UN.
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