The Hartford Announces Goal Of Net Zero Greenhouse Gas Emissions For All Operations By 2050

Rhea-AI Summary

The Hartford announced its goal to achieve net zero Greenhouse Gas Emissions (GHGe) by 2050, aligning with the Paris Climate Accord. This initiative complements existing targets such as operating with 100% renewable energy by 2030 and reducing GHGe by at least 2.1% annually to reach a 46.2% reduction by 2037. CEO Christopher Swift emphasized the importance of establishing metrics to track progress and stakeholder engagement as the company navigates the complexities of the insurance industry while prioritizing shareholder value.

Positive

• Commitment to achieve net zero GHGe by 2050 aligns with global sustainability goals.
• Existing target to operate with 100% renewable energy by 2030 enhances sustainability image.
• Reduction of GHGe by 2.1% annually showcases proactive environmental stewardship.

Negative

• The complexity of measuring emissions in underwriting and insurance poses challenges.
• Dependency on third parties for Scope 3 GHG emissions reduction introduces risk.

HARTFORD, Conn.--(BUSINESS WIRE)-- The Hartford today announced a goal to achieve net zero Greenhouse Gas Emissions (GHGe) for its full range of businesses and operations by 2050, in alignment with the Paris Climate Accord. This goal is in addition to the company’s existing targets to operate with 100% renewable-energy-source consumption for its facilities by 2030 and to reduce select GHGe by at least 2.1% each year starting in 2015 for a total reduction of 46.2% by 2037.

“The Hartford is proud to be a leader in helping address the extensive and crucial challenge of climate change, drawing on our centuries of experience managing risk and our legacy of sustainability,” said The Hartford’s Chairman and CEO Christopher Swift. “We recognize some critical metrics and standards still need to be established to measure progress toward our net zero goal, but we are focused on doing the essential work and necessary due diligence over the next few years to position us to meet this societal imperative.”

Standards for measuring emissions associated with underwriting, insurance and investment activities are still being developed or have only recently emerged. The company will evaluate various options and keep its stakeholders informed of progress toward adopting a methodology to measure GHGe in its portfolio of businesses and investments. Environmental, Social and Governance (ESG) matters are a top priority for The Hartford, and the company will remain engaged in learning and sharing insights and expertise as accountability models for marking net zero progress are developed.

The net zero goal requires a pragmatic approach given the complexity of property-and-casualty insurance and group benefits. The company will balance the impact to all stakeholders as it considers initiatives, policies and business decisions to achieve net zero, with shareholder value creation remaining central throughout the process.

About The Hartford

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at @TheHartford_PR.

The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. For additional details, please read The Hartford’s legal notice.

HIG-C

Some of the statements in this release, including those related to our goal of achieving net zero greenhouse gas emissions (“GHGe”) for the full range of our operations by 2050, may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Factors that could cause actual results to differ, possibly materially, from those in the forward-looking statements include, but are not limited to, our ability to formulate and implement plans to reduce our Scope 1 and 2 GHG emissions as anticipated; our reliance on third parties, whose actions are outside our control, to reduce our Scope 3 GHG emissions; and the lack of widely accepted standards for measuring greenhouse gas emissions associated with underwriting, insurance and investment activities, as well as other factors discussed in our 2021 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this news release, which speaks as of the date issued.

From time to time, The Hartford may use its website and/or social media outlets, such as Twitter and Facebook, to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com, Twitter account at www.twitter.com/TheHartford_PR and Facebook at https://facebook.com/thehartford. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220407006000/en/

Media Contact:

Matthew Sturdevant

860-547-8664

matthew.sturdevant@thehartford.com



Investor Contact:

Susan Spivak Bernstein

860-547-6233

susan.spivak@thehartford.com

Source: The Hartford

FAQ

What is The Hartford's goal regarding greenhouse gas emissions?

The Hartford aims to achieve net zero greenhouse gas emissions by 2050.

When does The Hartford plan to operate on 100% renewable energy?

The Hartford plans to operate on 100% renewable energy by 2030.

What percentage of greenhouse gas emissions does The Hartford aim to reduce annually?

The Hartford aims to reduce select greenhouse gas emissions by at least 2.1% each year.

How does The Hartford's commitment affect its shareholders?

The Hartford emphasizes that shareholder value creation remains central even as it pursues sustainability initiatives.

What challenges does The Hartford face in achieving its net zero goal?

The Hartford faces challenges in establishing emission measurement standards and relies on third parties for reductions.