Chaucer commits to net zero by 2050
Specialty reinsurer Chaucer has said it aims to achieve net zero in greenhouse gases by 2050, if not before.
The firm said that this commitment encompasses its global underwriting and investment portfolios.
John Fowle, CEO of Chaucer says: “We all need to play our part in addressing climate change. By committing to net-zero emissions by 2050 or sooner, including proactively addressing the carbon footprint and transition plans of our counterparties, Chaucer is determined to be a positive influence.”
He added: “As an (re)insurance group, we see the devastating impact of climate change, as extreme weather events become more frequent and severe, causing untold damage in their wake. It is incumbent upon us all to do our part to aid the transition to a low-carbon global economy to help meet the Net Zero target.”
This new announcement follows the firm’s collaboration with Moody’s to produce a data-driven Environmental, Social and Governance (ESG) ‘scorecard’ that will enable Chaucer to measure the ESG performance of its counterparties, including clients and suppliers, using 158 unique data points.
It is understood by Reinsurance News that the new ESG scorecard will measure factors that include water management, air pollution, diversity and inclusion, and local infrastructure.
That news followed an announcement that Chaucer is creating its renewable power team as part of the expansion of its Energy Division.