Prudential Financial commits to net zero emissions by 2050
November 01 2021 - 10:00AM
Business Wire
Expanded climate actions include carbon neutral target by
2040 and restriction on new direct investments in thermal
coal
Prudential Financial, Inc. (NYSE: PRU) today announced its
commitment to achieve net zero emissions across its primary
domestic and international home office operations by 2050. To
accelerate the company’s longstanding commitments to mitigate the
impacts of climate change, Prudential also is setting an interim
goal to become carbon neutral by 2040. These actions are aligned
with the latest climate science of limiting global warming to 1.5
degrees Celsius or lower, as specified in the Paris climate
accord.
“As a global insurer and investment manager, we understand the
magnitude and urgency of climate change, and that we have a
responsibility to minimize our impact,” said Charles Lowrey,
chairman and CEO of Prudential. “This net zero commitment is an
important step toward a more sustainable future for our customers,
employees, investors and communities.”
The actions announced today build upon Prudential’s 2019 Global
Environmental Commitment, which include operational and investment
goals aimed at mitigating climate change and other environmental
risks.
Prudential will reduce home office operational emissions
globally (Scope 1 and Scope 2) by consolidating its real estate
footprint, investing in energy-efficient capital improvements for
owned properties, and purchasing renewable energy, where available,
and then will utilize carbon removal strategies to eliminate its
remaining carbon footprint. The company’s home office operations
include owned and leased office space, data centers and garages in
the United States, Japan and Brazil.
Prudential next plans to assess Scope 3 emissions, including
those related to the company’s owned assets within its $460 billion
General Account portfolio.1 As an initial action, Prudential will
begin restricting new direct investments in companies that derive
25% or more of their revenues from thermal coal. This restriction
is included in Prudential’s enhanced Responsible Investing
Policy.
“Prudential is a company committed to delivering on its
promises. We will hold ourselves accountable to these targets as we
make meaningful progress toward addressing climate risk,” said Rob
Falzon, vice chair of Prudential, who oversees the company’s
Steering Council on Climate Change. “These carbon reduction targets
are underpinned by our longstanding efforts to effectively engage
with our stakeholders and provide transparency on our environmental
actions.”
Other recent environmental actions taken by the company include
sustainable finance transactions such as issuing an inaugural green
bond. In May 2021, PGIM Real Estate, the real estate investment
business of PGIM, Prudential’s global investment management arm,
committed to reducing operational carbon emissions from its global
portfolio of managed properties to net zero by 2050.
Prudential will report progress and updates on these targets in
its annual ESG Report. For more company news and information on
sustainability initiatives, visit prudentialesg.com.
1General Account portfolio assets under management are as of
June 30, 2021.
Forward-Looking Statements
Certain of the statements included in this release, including
those related to Prudential’s environmental, social and governance
initiatives and targets, constitute forward-looking statements
within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Forward-looking statements are made based on
management’s current expectations and beliefs concerning future
developments and their potential effects upon Prudential Financial,
Inc. and its subsidiaries. Prudential Financial, Inc.’s actual
results may differ, possibly materially, from expectations or
estimates reflected in such forward-looking statements. Certain
important factors that could cause actual results to differ,
possibly materially, from expectations or estimates reflected in
such forward-looking statements can be found in the “Risk Factors”
and “Forward-Looking Statements” sections included in Prudential
Financial, Inc.’s Annual Reports on Form 10-K and Quarterly Reports
on Form 10-Q. Prudential Financial, Inc. does not undertake to
update any particular forward-looking statement included in this
release.
About Prudential
Prudential Financial, Inc. (NYSE: PRU), a global financial
services leader and premier active global investment manager with
more than $1.5 trillion in assets under management as of June 30,
2021, has operations in the United States, Asia, Europe, and Latin
America. Prudential’s diverse and talented employees help to make
lives better by creating financial opportunity for more people.
Prudential’s iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more
information, please visit news.prudential.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211101005604/en/
MEDIA: Julie Laskin, (973) 802-3975,
julie.laskin@prudential.com
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