The Hartford To Invest $2.5 Billion Over Five Years To Support Energy Transition

Rhea-AI Summary

The Hartford has announced its commitment to invest $2.5 billion over the next five years to advance energy transition and combat climate change. The company has become a signatory of the UN Global Compact, joining global organizations to implement sustainability principles. Additionally, it plans to exit all tar-sands investments by December 31, 2021, and complete its exit from coal investments by the end of 2023. The Hartford achieved 100% renewable energy usage for its facilities in 2020 and aims to reduce greenhouse gas emissions by at least 46.2% by 2037.

Positive

• Commitment to invest $2.5 billion in climate-related technologies.
• Signatory of the UN Global Compact, enhancing corporate responsibility.
• 100% renewable energy usage achieved in 2020, ten years ahead of schedule.
• Plans to exit tar-sands investments by December 31, 2021.
• Goal to reduce greenhouse gas emissions by at least 46.2% by 2037.

Negative

• None.

Company commits to UN Global Compact and announces additional climate priorities

HARTFORD, Conn.--(BUSINESS WIRE)-- The Hartford announced additional climate priorities today, including a commitment to invest $2.5 billion over the next five years in technologies, companies and funds, which are advancing the energy transition and addressing climate change. The company also became a signatory of the United Nations Global Compact, joining organizations worldwide to implement universal sustainability principles that advance societal goals.

“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,” said The Hartford’s Chairman and CEO Christopher Swift. “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.”

The Hartford is one of the first property-casualty insurance companies to sign onto the UN Global Compact, the world’s largest corporate sustainability initiative. The Global Compact brings together companies around the world to align strategies and operations with universal principles on human rights, labor, anti-corruption and the environment. For more on the organization’s mission of committing to sustainability and businesses sharing responsibility to achieve a better world, visit www.unglobalcompact.org.

As part of the new climate priorities, the company anticipates exiting all tar-sands investments by Dec. 31, 2021, two years before the commitment announced in The Hartford’s coal-and-tar-sands policy released in December 2019. Additionally, The Hartford expects to exit coal investment holdings specified in the coal-and-tar-sands policy by the end of 2023, as previously announced.

The Hartford met its goal of 100% renewable-energy-source consumption for its facilities in 2020 – 10 years before the self-imposed deadline – and will continue to maintain the company’s full-renewable status moving forward as a climate priority. Additionally, the company will continue to reduce select¹ Greenhouse Gas Emissions (GHGe), in order to achieve a previously stated goal to reduce GHGe by at least 2.1% each year for a total reduction of 46.2% by 2037 compared with the baseline year of 2015. For more information on the new climate priorities, visit https://www.thehartford.com/about-us/environment.

These new priorities are the latest in a series of The Hartford’s commitments to sustainability and environmental stewardship. The company first formalized a climate change statement in 2007 and has adapted the statement to align with the fifth Assessment of the Intergovernmental Panel on Climate Change (IPCC). The company published its first Task Force on Climate Related Financial Disclosure (TCFD) report in 2020 and its first Sustainability Accounting Standards Board (SASB) report in 2021. The Hartford also was recognized in the “Leadership” category by CDP, an organization to which The Hartford has reported its climate change efforts and practices for 15 years.

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 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. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2020 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 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.

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¹ Scope 1 and Scope 2 emissions are direct from sources controlled or owned by an organization; Scope 3 emissions include indirect sources of GHGe. For more information, visit the U.S. Environmental Protection Agency’s Center for Corporate Climate Leadership.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211109005544/en/

Media:

Matthew Sturdevant

860-547-8664

matthew.sturdevant@thehartford.com

Investor :

Susan Spivak Bernstein

860-547-6233

susan.spivak@thehartford.com

Source: The Hartford

FAQ

What is The Hartford's investment commitment related to climate change?

The Hartford has committed to invest $2.5 billion over the next five years to support energy transition and climate change initiatives.

When does The Hartford plan to exit its tar-sands investments?

The Hartford plans to exit all tar-sands investments by December 31, 2021.

What are The Hartford's greenhouse gas emission reduction goals?

The Hartford aims to reduce greenhouse gas emissions by at least 2.1% annually, totaling a 46.2% reduction by 2037.

Has The Hartford achieved any renewable energy goals?

Yes, The Hartford achieved 100% renewable energy consumption in its facilities in 2020, ten years ahead of its target.

What sustainability initiative has The Hartford joined?

The Hartford has become a signatory of the UN Global Compact, which promotes corporate sustainability principles globally.