The Hartford Sets the Standard in Fighting Climate Change
Many insurance companies voice a commitment to fighting climate change, but The Hartford is leading the way in financial obligations. Clearsurance.com recently reported that The Hartford pledged to invest $2.5 billion into tackling climate change over the next five years.
They’ve set the bar high, and other insurance companies should be challenged by their example. It’s one thing to say you’re committed to the environment, and it’s another thing to invest billions of dollars into that commitment.
The Hartford’s Climate Change Focus
The Hartford is explicitly focusing its climate change fight in certain areas, including the following:
- Investing in clean energy
- Supporting improved environmental regulations
- Promoting sustainability through reinsurance programs
In 2020, 10 years ahead of schedule, The Hartford met their goal to achieve 100% renewable-energy-source consumption in its facilities.
And while The Hartford anticipated pulling out of all tar-sands investments before 2024, it accomplished its tar-sands divestment before the end of 2021.
Based on its track record, it’s likely that The Hartford will continue to exceed its sustainability goals and lead the way in the fight against climate change.
The Hartford’s Specific Climate Change Initiatives
In 2015, The Hartford announced that they would promote sustainable practices and investments in line with the goal of keeping climate change well below two degrees. And they’ve continued this commitment by supporting the newly established Carbon Neutrality Initiative.
The Hartford has developed specific ways to fight climate change, and they’re committed to implementing the following actions:
- Reducing greenhouse gas emissions (GHG) emissions by promoting energy efficiency across its facilities
- Reducing vehicle miles traveled
- Encouraging sustainable construction
- Improving water consumption efficiency in its operations
- Preventing waste generation
- Increase recycling rates for its facilities and products
The company is also committed to offering reinsurance products that are specially designed to help companies and individuals prepare for climate change-related losses and events.
Climate change-related losses could include anything from a major storm resulting in water leaks to a wildfire destroying a home and displacing a family.
Many insurance companies are working to develop lines of insurance specifically for climate-related catastrophes as the frequency and severity of storms cause increasingly costly and widespread damage.
The Hartford Partners With United Nations Global Compact
The United Nations Global Compact is the largest corporate sustainability initiative, and The Hartford is the first property and casualty insurance company to join the Compact.
The Global Compact goes further than a commitment to fighting climate change. It also focuses on human rights, labor standards, and anti-corruption in government.
The Hartford’s Recognition for Its Successes
The Hartford was recognized in Forbes and JUST Capital’s list of America’s Most “JUST” Companies, indicating that they do more than say the right words. Their commitment to the environment, sustainability, workplace environment, and labor practices are in line with their promises.
Fortune magazine recognized The Hartford as one of the 2019 and 2020 Best Workplaces for Diversity.
The initiatives that The Hartford has invested in and committed to could lower greenhouse gas emissions by 2.1%.
Often, when employees are treated fairly and are happy in their work environment, their morale carries over to clients. For example, Clearsurance.com reported that reviews on their website revealed that 83% of The Hartford customers would recommend the company to others.
The Hartford has set the example, and their commitments both financially and practically to fight climate change will likely encourage other property and casualty insurance companies to join the initiatives.
Read the full report on Clearsurance.com: The Hartford Invests $2.5 Billion to Tackle Climate Change.