Marsh McLennan Announces Net-Zero Commitments in its Operations by 2050
Marsh & McLennan Companies Inc
Marsh McLennan, the global professional services firm, announced its commitment to lowering carbon emissions by 50 per cent by 2030 and executing low-carbon policies to drive toward net-zero across its operations by 2050. The firm will also establish emission reduction targets aligned with the Science Based Targets initiative's criteria.
The "Accelerating Impact" report details the firm's environmental, social and governance (ESG) commitments.
Dan Glaser, President and CEO of Marsh McLennan, said: "We are proud to be part of the global movement to develop solutions required to keep global temperature rise below 1.5°C and prepare for a warmer world. Just as we advise our clients on how to execute the profound transformations required, we are committing to chart our path to net-zero at Marsh McLennan.”
The firm, in 2021, took several decisive steps across every aspect of ESG. As a result, it became a certified CarbonNeutral company, established its Inclusion and Diversity Center of Excellence, and appointed its eighth directory meeting the firm's diversity criteria to the board in the last ten years.
Katherine Brennan, head of Marsh McLennan’s ESG Management Committee, said: "The idea that companies must benefit all of their stakeholders – shareholders, colleagues, clients and the communities in which they operate – has long spurred Marsh McLennan’s actions in the areas we now refer to as ESG. These stakeholders have come to expect transparency through ESG reporting, and we hope that through this report they gain a greater understanding of our impact.”
The firm's four businesses have contributed significantly to sustainable and inclusive development and societal resilience:
Marsh Business of the firm launched new directors and officers (D&O) liability insurance initiative, for identifying US-based clients with superior ESG framework.
Guy Carpenter organised four of the five FloodSmart Re catastrophe bonds for the US Federal Emergency Management Agency (FEMA) to get flood reinsurance coverage for its National Flood Insurance Program from the capital markets (NFIP). When a disaster occurs, these bonds assist FEMA in paying NFIP claims.
The "Leap Continuum" is a set of research, guidance, and financial solutions established by Mercer to help historically underrepresented groups advance in the investing world. Mercer's outsourced chief investment officer (OCIO) group also continued providing customers with appealing possibilities to invest sustainably.
Oliver Wyman aided clients in making a financially sound climate change transition. It has collaborated with groups such as the Glasgow Financial Alliance for Net Zero (GFANZ), CDP, the World Economic Forum, the UN Environment Programme Finance Initiative, and S&P Global Market Intelligence to develop new agendas and establish agreement on climate change.
