MetLife has committed to shrink its greenhouse gas emissions by 30 per cent from 2019 levels, originate $20 billion in green investments and allocate $5 million to develop products and partnerships that drive climate solutions.
The three goals are listed among the company’s 11 new environmental targets for 2030, which it launched on Monday.
The targets have been made with the aim to reduce the environmental impact of MetLife’s global operations and supply chain, while using its investments, products and services to help drive solutions.
The company is planning to originate $500 million of new MetLife impact investments, with 25 per cent allocated to climate change priorities, and to have all of the managed and controlled real estate investments under the MetLife Investment Management company powered with 100 per cent renewable energy.
MetLife has also committed to plant 5 million trees (promising to prioritise areas vulnerable to natural disasters) and to maintain carbon neutrality annually across its global officers, fleet and business travel. The company’s foundation has also pledged to grant $10 million for environmental causes.
In addition, MetLife has said it will mobilise 100 of its suppliers to set their own greenhouse gas emissions reduction target by 2025.
Richard Nunn, chief executive of MetLife Australia commented: “These global environmental commitments reflect our purpose as a company.
“We are here to help our customers build a more confident future, and part of that has to be about using natural resources in a sustainable way and helping to address climate change.”
The company surpassed its previous environmental goals, by a year, MetLife reported. Between 2012 and 2019, it reduced its annual energy consumption by 33 per cent and its location-based greenhouse gas emissions by 27 per cent, exceeding its aim of 10 per cent by 2020.
MetLife’s institutional investment management arm had more than $18.3 billion in green investments as at the end of 2019, including stakes in wind and solar farms.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].