CarbonNeutral company certification maintained for fourth year Marsh McLennan was certified as a CarbonNeutral company for the fourth consecutive year in 2024, covering Scope 1, Scope 2 and select Scope 3 sources including business travel, achieved through use of carbon offsets.
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Double materiality assessment completed in 2024 Partnered with Oliver Wyman to complete a double materiality assessment in 2024 to identify priority topics and prepare for emerging regulatory requirements (EU, UK, Australia, California). Identified climate change as a double materiality topic.
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Significant increase in employee commuting emissions Scope 3 Category 7 (Employee commuting) emissions increased from 27,608 tCO2e in 2023 to 74,769 tCO2e in 2024, a ~170% increase, likely tied to the methodology change disclosed for Scope 3.
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SBTi validation of near-term and long-term targets received in 2024 In 2022 Marsh McLennan committed to net-zero by 2050 and -50% Scope 1+2 by 2030 from 2019 baseline. SBTi validation of these targets was received in 2024. Long-term target: -90% Scope 1+2 by 2050; Scope 3 -55% by 2030 and -97% by 2050 per million USD operating profit (from 2019 base).
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SBTi validated near-term and long-term targets SBTi validated Marsh's targets in 2024: 50% absolute Scope 1+2 reduction by 2030 from 2019, 90% by 2050, plus Scope 3 intensity reductions of 55% by 2030 and 97% by 2050 per million USD operating profit.
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CarbonNeutral certification maintained for fourth consecutive year Certified as a CarbonNeutral company for the fourth year in 2024 covering Scope 1, Scope 2 and select Scope 3 sources including business travel; uses voluntary carbon offsets (51% avoidance, 25% reduction, 24% removal).
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Third-party limited assurance of GHG data Emissions are measured per GHG Protocol and verified by a third-party provider; limited assurance per TCFD strategy disclosure.
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Significant restatement-like change in employee commuting emissions Category 7 Employee commuting jumped from 27,608 tCO2e (2023) to 74,769 tCO2e (2024), reflecting methodology enhancements that more fully capture commuting impacts.
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Scope 3 calculation methodology change drove increase; rebaseline expected 2024 GHG inventory shows a material increase in Scope 3 emissions vs. historical value chain emissions (total Scope 3 rose from 498,072 in 2023 to 662,042 in 2024), primarily due to a change in calculation methodology and process enhancements. Company expects to rebaseline using the new methodology.
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SBTi validation of near-term and net-zero targets received in 2024 Marsh McLennan received SBTi validation in 2024 of its commitment to reach net-zero by 2050, reduce absolute Scope 1+2 emissions 50% by 2030 (90% by 2050) from 2019 baseline, and reduce Scope 3 emissions from purchased goods, capital goods and business travel by 55% per million USD operating profit by 2030 (97% by 2050).
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