Metlife Plans to cut Emissions and Originate $20 Bn in Green Investments by 2030

Metlife has committed to reduce its GHG emissions by 30 percent from 2019 levels and originate USD 20 billion in new green investments by 2030

Metlife, one of the world’s leading financial services companies, has announced that it has committed to reduce its location-based greenhouse gas (GHG) emissions by 30 percent from 2019 levels over the next 10 years and, originate USD 20 billion in new MetLife Investment Management (MIM)–managed green investments, and allocate USD 5 million to develop products and partnerships that drive climate solutions.

Those are just three of the company’s 11 2030 Environmental Goals, which it announced recently. 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.

The firm is also committed to plant 5 million trees (prioritising areas vulnerable to natural disasters) and to maintain carbon neutrality annually across its global offices, fleet, and business travel, and MetLife Foundation committed to grant USD 10 million for environmental causes.

In addition, the firm pledged to mobilize 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,” said 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.”

MetLife surpassed its previous environmental goals a year early. Between 2012 and 2019, the company reduced its annual energy consumption by 33 percent and its location-based GHG emissions by 27 percent, exceeding its targeted reductions of 10 percent by 2020. As of year-end 2019, MIM, MetLife’s institutional investment management business, had more than USD 18.3 billion in green investments under management, including ownership stakes in wind and solar farms.

The firm has long been an industry leader on sustainability and climate change. For example, in 2016, it was the first US-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 USD 750 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, it 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.