NEW YORK, June 4, 2020 /PRNewswire/ -- Chubb announced today that it has achieved its short-term goal to reduce greenhouse gas (GHG) emissions 20% on an absolute basis by 2025. By year-end 2019, Chubb's GHG emissions were cut 22% from a 2016 baseline. The company continues to pursue its long-term goal to reduce absolute GHG emissions 40% by 2035. Both science-based goals are aligned with the two-degree Celsius limit outlined in the Paris Climate Agreement.
"Chubb has been working to reduce GHG emissions in our operations since we launched our corporate environmental program more than a dozen years ago. We are pleased to meet our latest target – and our first science-based goal – ahead of schedule," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. "Our initiative to reduce Chubb's environmental footprint is one way we demonstrate our commitment to respond to climate change. Through our philanthropy and public advocacy, we also support efforts that strengthen the resilience of communities and protect biodiversity."
The company accomplished its goal through a combination of real estate portfolio optimization and energy-efficiency projects. Chubb has focused on reducing energy consumption at the facility level, primarily in owned buildings and larger, long-term leased spaces. Chubb will continue to use this approach to achieve its 40% GHG reduction goal by 2035, which is equivalent to 45,000 metric tons of CO₂ per year.
Chubb's first GHG emissions reduction goal used 2006 as a baseline. By 2012, the company reduced GHG emissions nearly 27% per employee, substantially exceeding its original target of 8% per employee. A new goal was set in 2014, and the company continued to make progress reducing its environmental footprint, including through ACE Limited's acquisition of The Chubb Corporation in 2016. From 2016 to 2019, absolute GHG emissions were reduced by 22%.
With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 33,000 people worldwide.
Additional information can be found at: www.chubb.com