The insurer also committed to an investment portfolio that is greenhouse gas emission-free.
The Allstate Corporation, one of the largest insurance companies in the United States, has announced its new commitment to achieve a string of zero emission targets.
The insurer plans zero greenhouse gas emissions from direct, indirect and value-chain sources by 2030.
As a closer target, the insurance company has also committed to set a target year for having a net zero portfolio by 2025. The goal is to contribute to the overall effort being made to manage climate risk, while “fulfilling Allstate’s purpose of protecting customers and generating attractive returns for shareholders,” said a recent media release from the insurer.
Should the insurer meet its pledge, it will mean that it will have exceeded by twenty years the net zero target the Paris climate accords established for 2050. The insurer stated that it is a reflection of its lengthy history of working with “strong environmental principles and practices” and integrating them into its overall business strategy. This is particularly the case when those principles and practices support the establishment of community resilience and assisting policyholders as they prepare for catastrophes associated with climate change and recover from them when they occur.
The Allstate insurance company understands that its industry is among the first to directly face the climate crisis.
“For 25 years, Allstate has worked to strengthen resilience to increased severe weather caused by global warming through prevention, preparedness and risk reduction,” said The Allstate Corporation Chair, CEO and President Tom Wilson. “As the severity of hurricanes, tornadoes and wildfires has increased, the negative impacts on customers, shareholders and society have also grown. To supplement our short-term remediation initiatives we are making net zero emissions commitments that are tangible and reasonable.”
The insurance company intends to achieve its 2030 net zero goals through emission reductions and by decreasing its office square footage. It also plans to purchase renewable energy where available, while working to reduce supplier emissions and eliminate the impact of the real estate they do keep by way of the limited purchase of credible carbon offsets when possible.