State Farm releases insurance company Environmental, Social and Governance Report

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The second report the insurer has released updates greenhouse gas reductions and sustainability efforts.

State Farm has announced the release of its 2021 Environmental, Social and Governance Report, updating the insurance company’s sustainability efforts and greenhouse gas reductions.

The report based on last year’s data is intended to be an illustration of the insurer’s efforts.

The insurance company’s commitment to “Good Neighbors. Better World.” was outlined in the second report of its nature. The report outlined the insurer’s ESG framework and its progress on environmental sustainability, as well as social impact and responsible governance of its operations.

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The report provided details regarding the progress the insurer was making in the efforts to achieve its greenhouse gas emission reduction goals. This includes State Farm’s target to cut its greenhouse gas emissions by 50 percent by 2030, based on the data from 2019 as a baseline. It also showed that the insurer was on track to achieve that target.

The insurance company outlined its progress toward a range of different sustainability goals.

Among the other points that were covered in the report included the insurer’s:

  • Progress toward their diversity goals for its suppliers.
  • Advancement on its pledge for $100 million with Business Roundtable across a span of 5 years to support minority communities and to take on race equity and justice issues.
  • Data privacy and security efforts, offering greater context into those factors, as well as into the insurer’s governance structures in place to make certain that their promises to customers will be kept and to protect the information those customers have shared with State Farm.
  • Ongoing reach and size of philanthropy efforts, including more than $55 million in grants last year, as well as 202,000 volunteer hours by agents and employees.
  • Strategies to reduce the use of paper, including a reduction in 70 million paper communications in 2021 alone.

As the insurance company environmental, social and governance strategy continues to evolve and move forward, State Farm has stated that it will “identify the appropriate industry standards to track and validate progress,” according to a recent news release issued on the insurer’s official website.

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