MassMutual Commits to Net Zero Emissions by 2030

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DER Grid (Credit: Pixabay)

MassMutual has released its inaugural 2021 Sustainability Report, highlighting the company’s progress across key environmental, social, and governance (ESG) topics. The inaugural report emphasizes that sustainability is integral to how MassMutual delivers value and stability for its stakeholders, and details the company’s efforts to advance diversity, equity, and inclusion and create a more sustainable future.

Among the many initiatives this report covers, MassMutual’s key efforts from 2021 and the first half of 2022 include:

  • Established a commitment and began to implement a roadmap to achieve net zero emissions in MassMutual’s operations by 2030 and in its investment portfolio by 2050, making it the first US-based mutual insurance company with a 2050 net zero portfolio goal.
  • Announced a strategic investment in Low Carbon, a U.K.-based renewable energy investor and asset manager, to leverage proven technologies that advance renewable energy at scale.
  • Achieved more than $40 million in diverse spend in 2021 tied to its procurement operations, an increase of over 18% from 2020, and announced a $150 million, five-year commitment to utilize underrepresented diverse businesses in its procurement operations.
  • Donated $20 million to nonprofits, including $1 million toward the creation of King Boston’s new Center for Economic Justice.

MassMutual’s 2021 Sustainability Report includes related disclosure topics identified by the Sustainability Accounting Standards Board (SASB). The report content is also informed by the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Environment + Energy Leader