San Francisco, CA –– Today, Liberty Mutual, one of the world’s largest fossil fuel insurers, announced that it will join the Partnership for Carbon Accounting Financials (PCAF) and participate in its newly established Insured Emissions Working Group. Liberty also announced a commitment to reduce its Scope 1 and 2 global greenhouse gas emissions by 50% by 2030, as compared to 2019 levels.
Elana Sulakshana, Energy Finance Campaigner at Rainforest Action Network (RAN), issued the following statement:
“Liberty Mutual joining PCAF is a step in the right direction and makes Liberty a first mover among U.S. insurers in supporting climate impact disclosure. Civil society, investors, clients and regulators are calling for insurance companies to account for not only the risk that climate change poses to their business, but also the role they are playing in fueling the climate crisis. However, Liberty must go beyond measuring and disclosing its insured emissions and commit to drastically reduce them – it is not enough to only set goals to cut its operational carbon footprint.”
“The bottom line is that insurance companies do not need to wait for complex insured emissions methodology to act on what the International Energy Agency (IEA) has made clear: to limit global temperature rise to 1.5ºC, insurers should not underwrite any fossil fuel expansion whatsoever.”