American International Group Inc. said on Wednesday that it was halving its total CO2 emissions by 2020, as it reduced its office and COVID-19 was given travel restrictions and the transition to working from home.
In its initial environment, social and social board report released on Wednesday, AIG said its electricity emissions were reduced by 24% by 2020 as it reduced its property footprint by 11% through consolidation and leases.
Remarkable property reductions included all four facilities in India, covering 233969 square feet; two facilities in the Philippine s totaling 117,840 square meters; and two facilities in Malaysia, covering 103,158 square meters.
AIG also reported a 97% reduction in CO2 emissions from business travel in 2020 due to the transition to work from home.
AIG's emissions from Scope 3, which only includes emissions. from commercial aviation, decreased from 44,695 tonnes of carbon dioxide equivalents in 201
Scope 1 emissions, which include direct emissions from fuel consumption in AIG's business, decreased by 64% in 2020.
A clearer picture of its long-term progress towards reducing its carbon footprint should emerge in 2021, excluding pandemic disruptions, AIG said in the report .
At the same time, renewable business written by AIG increased by 20% to more than $ 361 million between 2018 and 2020, while the carbon portfolio decreased by 14.1% during the same period to $ 85.9 million, according to the report.
As of the 2020 fiscal year, AIG's portfolio of carbon-related insurance business accounted for much less than 1% of the total $ 24.9 billion general insurance portfolio, the report said.
Business opportunities that are linked to ESG-sensitive companies may undergo further risk assessment and approval from the relevant business unit management. depending on their degree of reputation, AIG said in the report.
In addition, AIG Trade Finance requires that all counterparties from the diamond industry be part of the effort to remove conflict diamonds from the global supply chain.
The insurer is committed to achieving net zero emissions for its own operations by 2050.
Legal & General Investment Management, the UK's largest asset manager recently released AIG and three other companies from a number of its funds due to "insufficient" response to the challenge of climate change. Catalog