Over the next 10 years, MetLife has committed to reduce its location-based greenhouse gas (GHG) emissions by 30 per cent from 2019 levels, originate USD20 billion in new MetLife Investment Management (MIM)–managed green investments, and allocate USD5 million to develop products and partnerships that drive climate solutions.MetLife also committed to plant five million trees (prioritising areas vulnerable to natural disasters) and to maintain carbon neutrality annually across its global offices, fleet, and business travel3, and MetLife Foundation committed to grant USD10 million for environmental causes.
In addition, MetLife pledged to mobilise 100 of its suppliers to set their own GHG emissions reduction target by 2025.
“Our commitment to the environment reflects our purpose as a company,” says Mike Zarcone, head of Corporate Affairs and Sustainability at MetLife. “Building a more confident future requires us to use natural resources sustainably and help address issues such as climate change.”
The 11 new goals aim to reduce the environmental impact of MetLife’s global operations and supply chain, while leveraging its investments, products, and services to help protect communities and drive innovative solutions.
MetLife surpassed its previous environmental goals a year early. Between 2012 and 2019, the company reduced its annual energy consumption by 33 per cent and its location-based GHG emissions by 27 percent, exceeding its targeted reductions of 10 per cent by 2020.
As of year-end 2019, MIM, MetLife’s institutional investment management business, had more than USD18.3 billion in green investments under management, including ownership stakes in wind and solar farms.
MetLife has long been an industry leader on sustainability and climate change. For example, in 2016, it was the first U.S.-based insurance company to achieve carbon neutrality, a status it has maintained for four straight years.
In 2020, Metropolitan Life Global Funding I issued a USD750 million green bond, the industry’s first note secured by a green funding agreement.
Through its membership in the Carbon Disclosure Project (CDP) Supply Chain Program, MetLife encourages its business partners to take action on climate change. In 2019, more than 100 of its suppliers disclosed their GHG emissions and mitigation activities.
More than 10,000 MetLife employees participated in the company’s 2019 “Our Green Impact” initiative, which offers a wide range of opportunities to support and learn about sustainability.
