HARTFORD, CT (April 07, 2022) – Today, The Hartford announced a goal to achieve net zero emissions “for its full range of businesses and operations” by 2050. It did not provide any additional details on short-term actions, interim targets, or metrics to measure progress on emissions reductions. In response, Tom Swan, Executive Director of Connecticut Citizen Action Group, issued the following statement:
“It is an important milestone that The Hartford has been moved to commit to net zero emissions by 2050 or sooner across its full range of business, which includes its underwriting and investment portfolios. But The Hartford does not need to wait for the development of complex metrics 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 new fossil fuel supplies whatsoever.
Until there is short-term action, The Hartford’s pledge is more valuable as marketing material than it is to people on the frontlines of fossil fuel projects and the climate crisis. This May, The Hartford’s shareholders have an opportunity to make this more than a PR pledge by voting in favor of a shareholder resolution filed by Green Century Capital Management, calling on The Hartford to stop underwriting new fossil fuel projects in line with the IEA net zero scenario.”
While The Hartford has taken some steps to limit underwriting of the coal and tar sands oil sector, it has not followed leading European insurers in restricting support for new oil and gas projects and remains among the top oil and gas insurers in the world. (For more, see this detailed analysis of The Hartford’s existing fossil fuel policies.)