NEW YORK, May 15, 2019 /PRNewswire/ -- Chubb announced today a new companywide goal to reduce its global greenhouse gas (GHG) emissions 20% on an absolute basis by 2025. The company also established a long-term goal to reduce absolute GHG emissions 40% by 2035. Both goals use 2016 emissions levels as the baseline. Chubb's goals are aligned with the two-degree Celsius target outlined in the Paris Climate Agreement, as well as the quantitatively supported science-based standards methodology of the United Nations Environmental Program.
This is the third GHG emissions reduction commitment the company has undertaken since launching its corporate environmental program in 2006, and the first that adheres to science-based standards. This is also the first companywide goal announced since ACE Limited acquired The Chubb Corporation and adopted the Chubb name globally in 2016.
"Chubb recognizes the reality of climate change and the substantial impact of human activity on our planet," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. "One of the ways Chubb proactively addresses climate change is by reducing the environmental footprint of our own operations. We have made significant progress since we launched our corporate environmental program more than a decade ago. We look forward to having an even bigger impact in the coming years by adopting these leading science-based standards. This initiative is aligned with Chubb's commitment to citizenship, which recognizes that we must do our part as a steward of the Earth."
From 2006 to 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. From 2015 to 2018, a period that included the acquisition, Chubb reduced its absolute global GHG emissions by 21%. By 2035, the impact of the company's continued focus on energy efficient operation programs will result in the emissions reduction of nearly 45,000 metric tons of CO₂ equivalent per year.
Achieving these goals will be accomplished through a combination of real estate portfolio optimization, energy efficiency projects and the purchase of renewable electricity. Chubb has worked to make reductions within its global operations, with a focus on reducing energy consumption at the facility level, primarily in owned buildings and larger, long-term leased spaces. This includes efforts to reduce the direct and indirect GHG emissions generated from heating, cooling and lighting in offices and from company owned or leased vehicles, as well as the reduction, reuse or recycling of resources.
The environment is also a priority in Chubb's corporate philanthropy. The Chubb Charitable Foundations and the company's employees support a wide range of environmental causes and volunteer activities in local communities around the world. Through these initiatives, Chubb promotes a healthy and sustainable planet.
In its business, Chubb is a leader in developing insurance products and risk management services that facilitate market-based solutions to environmental and climate-related issues. Today, Chubb is among the world's largest global underwriters of environmental liabilities and pollution risks. In the U.S., Chubb is also a leader in meeting the insurance and risk engineering needs of clean technology companies, including renewable and alternative energy providers, manufacturers and software and hardware companies.
Chubb is the world's largest publicly traded property and casualty insurance company. 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 and promptly. 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 more than 30,000 people worldwide. Additional information can be found at: www.chubb.com.