Marsh McLennan Reveals Commitment to Net-Zero by 2050
Marsh McLennan, one of the world’s largest professional services firms, recently revealed its pledge to be net-zero by 2050.
The $80 billion firm provides services insurance brokerage, risk management, talent management, investment advisory, and management consulting.
It serves both commercial and consumer clients from 130 countries.
Part of its four businesses is helping clients pursue smart climate transitions. And the firm does it while also committing itself to fulfill low-carbon strategies.
The CEO, Dan Glaser said,
“Just as we advise our clients on how to execute the profound transformations required, we are committing to chart our own path to net-zero at Marsh McLennan.”
The company laid a path to net-zero across its operations by 2050 while aiming reduction of 50% by 2030. This target is set to align with the Science-Based Targets initiative’s (SBTi) criteria.
Marsh McLennan Net-Zero Pledge Highlights
In 2020, the firm committed to reducing its emissions from Scopes 1, 2, and 3 (business travel) by 15% below 2019 levels by 2025.
The following chart shows Marsh McLennan’s carbon emissions (in metric tons CO2 equivalents) from 2019 to 2021 by emission scope.
It also indicates the firm’s emission intensity by headcount for the same period.
The table below defines each of the company’s scope emissions as shown in its 2021 ESG Report.
How did the global firm manage to hit its emission reduction target of 15% that quick?
Here are a couple of efforts that Marsh McLennan did that are paving the way to its net-zero commitment.
Making offices smarter (Scopes 1, 2)
In 2016, the company launched its Smart Office workplace initiative, allowing 51 offices to reduce their CO2 footprint.
It does so by using fewer resources and energy-efficient lighting and HVAC systems.
Greening pantries (Scope 2)
In January 2021, Marsh planned to stop single-use plastics in all its office pantries by 2022.
At the end of 2021, 50% of its global offices have achieved this goal by asking workers to bring their own utensils, mugs, and water bottles.
A sustainable approach to travel (Scope 3)
This climate effort is in line with Marsh McLennan’s Green Traveler program. It educates colleagues on the sustainability of their business travel decision.
It also offers colleagues tips on how to make sustainable choices while flying, staying in a hotel, and renting a car.
Managing technology sustainably (Scopes 1, 2)
Marsh develops and delivers sustainable IT solutions that preserve resources and cut emissions. These include e-waste recycling, maintaining energy-efficient data centers, and reducing physical infrastructure.
Other key initiatives of Marsh McLennan toward net-zero commitment
Embracing learning opportunities (launched a 3-part webinar series focused on building sustainability efforts)
Building a global green team network
Strengthening environmental efforts in local communities
Helping clients implement climate and sustainability solutions
Finally, Marsh McLennan seeks to help protect the environment through sustainable investment.
The firm commits to aligning its portfolio decarbonization with a science-based net-zero target by 2050.
This applies across its multi-asset, multi-manager client portfolios in various regions worth $80B. These are in Australia, New Zealand, Europe, Asia, the Middle East, and Africa.
Likewise, the company aims to reduce portfolio emissions by at least 45% on Dec 2019 baselines.
All these initiatives make Marsh McLennan closer to its goal of accelerating climate impact.
It is now part of the global movement to create solutions to keep warming below 1.5°C.
The post Marsh McLennan Reveals Commitment to Net-Zero by 2050 appeared first on Carbon Credits.
