The Allstate Corporation Announces a Net Zero Emissions Commitment

Rhea-AI Summary

The Allstate Corporation (NYSE: ALL) has committed to achieve net zero emissions for all greenhouse gas emissions by 2030, surpassing the 2050 target of the Paris climate accords by 20 years. Additionally, Allstate aims for a net zero investment portfolio by the end of 2025. These initiatives are part of Allstate's strategy to manage climate risk while ensuring attractive returns for shareholders. The company also plans to reduce emissions through office efficiency improvements, renewable energy purchases, and limited carbon offsets.

Positive

• Commitment to net zero emissions by 2030 will enhance brand reputation and attract socially conscious investors.
• Setting a target for a net zero investment portfolio by 2025 aligns with growing environmental investment trends.
• Allstate's experience in integrating environmental principles reflects a proactive approach to climate risks.

Negative

• Achieving net zero goals may incur significant upfront costs, potentially impacting short-term profitability.

NORTHBROOK, Ill.--(BUSINESS WIRE)-- The Allstate Corporation (NYSE: ALL), one of the nation’s largest publicly held personal lines insurers, today announced it has committed to achieve net zero emissions for direct, indirect and value-chain greenhouse gas emissions by 2030. It will also set a target year for achieving a net zero investment portfolio by the end of 2025. These actions are essential to managing climate risk and fulfilling Allstate’s purpose of protecting customers and generating attractive returns for shareholders.

Allstate’s pledge means it will exceed by 20 years the 2050 net zero target set in the Paris climate accords. It also reflects Allstate’s decades-long history of integrating strong environmental principles and practices into its business strategy while building community resilience and helping customers prepare for and recover from climate-related catastrophes.

"For 25 years, Allstate has worked to strengthen resilience to increased severe weather caused by global warming through prevention, preparedness and risk reduction," said Tom Wilson, Chair, President and CEO of The Allstate Corporation. "As the severity of hurricanes, tornadoes and wildfires has increased, the negative impacts on customers, shareholders and society have also grown. To supplement our short-term remediation initiatives we are making net zero emissions commitments that are tangible and reasonable."

The company will accomplish its 2030 net zero goals by reducing the emissions and square footage of Allstate’s offices, purchasing renewable energy where possible, working to reduce emissions of suppliers and removing the impact of remaining real estate through the limited purchase of credible carbon offsets where available.

Allstate’s responsible investing strategy already includes a dedicated impact portfolio that supports climate change mitigation and adaptation, targeting at least $375 million in climate-related commitments between 2021 and 2022.

The company will publicly share progress on emissions goals through its annual sustainability reporting, available at Allstate’s sustainability website. Details on Allstate’s climate strategy can be found in its 2021 Sustainability Report.

About Allstate

The Allstate Corporation (NYSE: ALL) protects people from life’s uncertainties with a circle of protection including cars, homes, electronic devices, benefits and identity theft. Products are available through a broad distribution network including Allstate agents, independent agents, major retailers, online and at the workplace. Allstate is widely known for the slogan “You’re in Good Hands with Allstate.”

Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com.

Forward-Looking Statements

This news release contains “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words like “plans,” “seeks,” “expects,” “will,” “should,” “anticipates,” “estimates,” “intends,” “believes,” “likely,” “targets” and other words with similar meanings. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent annual report on Form 10-K. Forward-looking statements are as of the date on which they are made, and we assume no obligation to update or revise any forward-looking statement.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221223005193/en/

Al Scott

Media Relations

(847) 402-5600

Mark Nogal

Investor Relations

(847) 402-2800

Source: The Allstate Corporation

FAQ

What is Allstate's commitment regarding emissions?

Allstate aims for net zero emissions by 2030 for all greenhouse gas emissions.

When does Allstate plan to achieve a net zero investment portfolio?

Allstate targets a net zero investment portfolio by the end of 2025.

How does Allstate plan to reduce its emissions?

Allstate plans to reduce emissions by improving office efficiency, purchasing renewable energy, and using carbon offsets.

What does Allstate's emissions commitment mean for shareholders?

The commitment to net zero emissions may enhance Allstate's brand reputation and attract environmentally-focused investors.