Zurich Insurance Group Ltd. and Marsh & McLennan Cos. Inc. released details of its net-zero emissions targets on Thursday.
Zurich said it plans to be a net zero-emission operation by 2030, 20 years earlier than originally planned.
The accelerated timeline comes after the implemented plans announced last year for emission reduction targets, Zurich said in a statement.
Zurich has signed coal removal agreements with several providers of nature-based solutions to help achieve its goal, including Australian startup InterEarth for carbon capture, San Juan Puerto Rico-based Bio Restorative Ideas LLC and Oregon Biochar Solutions, based in White City, Oregon .
The Swiss insurance company has made advance payments to help suppliers further develop, scale and commercialize their technology at an early stage.
At the same time, Marsh & McLennan said they plan to achieve net zero emissions from their entire operations by 2050 and will reduce their emissions by 50% by 2030.
In his second environmental, social and governance report, released on Thursday, Marsh McLennan said its emissions from air travel continued to decline in 2021as the covid-19 pandemic continued and business travel remained low.
Marsh McLennan’s Scope 3 emissions, which only include emissions from staff air travel, fell from 19,300 tonnes of carbon dioxide equivalents in 2020 to 7,398 tonnes in 2021, according to the report.
“We plan to continue using travel options even when travel recovers from the pandemic,” Marsh McLennan said in the report.