HARTFORD, Conn.--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) today announced its commitment to become carbon neutral across its owned operations by 2030. The pledge is a key component of Travelers’ ongoing and broader sustainability strategy.
“We take a thoughtful and comprehensive approach to sustainability,” said Alan Schnitzer, Chairman and Chief Executive Officer of Travelers. “Through this commitment and other aspects of our longstanding approach to changing climate conditions, we are addressing a risk we all face and standing up to the responsibility we have to leave a better world for our children and future generations. We are pleased with the progress we have made over the years to reduce our carbon footprint, and we are proud to take our efforts to the next level.”
Achieving Carbon Neutrality by 2030
The company has made significant progress in reducing its carbon footprint, cutting Scope 1 and 2 emissions* by more than 40% between 2011 and 2020. Over the next decade, Travelers will achieve carbon neutrality by reducing or offsetting an additional 50,000 metric tons of carbon dioxide – the equivalent of eliminating the impact of about 125 million vehicle miles. In this way, Travelers will be doing its part to align with the target set forth in the Paris Climate Agreement to limit the global temperature increase in the 21st century to 1.5 degrees Celsius.
This initiative is the latest in a series of enhancements Travelers has made in recent years to make its operations more eco-efficient. These include, among others:
- Cutting energy consumption in half at its largest owned campus (in Hartford, Connecticut).
- Increasingly relying on renewable energy sources to supply electricity at its owned facilities.
- Ensuring all of its owned campuses are ENERGY STAR® certified.
In addition to minimizing Travelers’ carbon footprint, the company’s climate strategy includes providing risk management products and services to alternative energy businesses through its Global Renewable Energy Practice, thereby facilitating the transition to a lower-carbon economy. In 2020, the company grew this business by approximately 40%.
More information about the company’s eco-efficient operations and climate strategy is available at sustainability.travelers.com.
Reforestation Commitment
For years, Travelers has supported American Forests, the country’s oldest nonprofit conservation group, to protect the nation’s forests and promote reforestation. In April 2019, Travelers launched an important and impactful initiative with American Forests, committing to fund the planting of one tree for each Personal Insurance billing account converted to paperless billing. Since then, the company has funded the planting of 1.5 million trees in areas most in need of reforestation while lowering its paper consumption by tens of millions of pages.
The company announced that it is extending its support of American Forests and expects to plant an additional 1.5 million trees by June 2022.
“Ensuring the vitality of our forests is critical to minimizing the effects of changing climate conditions,” said Michael Klein, Executive Vice President and President of Personal Insurance at Travelers. “We are excited and extremely proud to deepen our relationship with American Forests, and we look forward to making an important contribution to the reforestation of some of the country’s most endangered ecosystems.”
“Through our partnership with Travelers, we have made a substantial impact on some of America’s most essential natural landscapes – helping to grow forest resilience in the face of a changing climate and create a better, healthier environment for everyone,” said Jad Daley, President and Chief Executive Officer of American Forests. “We are grateful for Travelers’ generous continued support and look forward to achieving this new goal together.”
Customers can opt in to paperless billing, manage their accounts and access online claim resources by visiting MyTravelers.com.
*Scope 1 emissions include those that are directly generated by the company’s activities, and Scope 2 emissions include those that are indirectly generated by energy purchased by the company.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $32 billion in 2020. For more information, visit Travelers.com.
