Marsh McLennan — full event log

Emissions from purchased goods and services represented over 50% of Marsh's emissions in 2025 (342,849 tCO2e). The firm focuses engagement on strategic and priority suppliers based on size of spend, emissions, and maturity. Major cloud service providers have set 100% renewable electricity targets. 100% of electronics purchased in 2025 were EPEAT certified, avoiding over 11,000 metric tons of CO2e.

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Business travel (Scope 3 Cat 6) is one of Marsh's largest Scope 3 categories at 108,238 tCO2e in 2025, down from 113,708 in 2024. Included in the firm's CarbonNeutral certification scope, and addressed via internal policies that empower colleagues to make more sustainable travel choices.

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Throughout 2025 Marsh continued upgrading offices to its Wireless Centric Office format — wireless access points + energy-efficient switches use ~40% less cabling and 90% less power. Once rolled out across the portfolio by end of 2026, expected to save ~12 million kWh annually in electricity. 172 Smart Offices opened in 51 countries as of Dec 31, 2025. Strategic space planning has driven a 24% reduction in office space per FTE since 2019 (172 → 130 sq ft).

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100% of offices in the UK and Ireland achieved ISO 45001 (occupational health & safety) and ISO 14001 (environmental management) certifications in 2025.

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Marsh acquired McGriff and Cardano; emissions from these acquisitions are now incorporated into the restated 2019 baseline and ongoing inventory.

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Marsh re-baselined its 2019 emissions baseline to incorporate recent acquisitions including McGriff and Cardano. Restated 2019 figures appear in the appendix and serve as the baseline for SBTi targets.

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Marsh McLennan brought its businesses together under a new Marsh brand to unlock the full value of the firm across risk, reinsurance and capital, talent, health and investments, and management consulting.

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Marsh's offset portfolio composition is 38% reduction, 37% avoidance, and 25% removal credits. The firm invests in emissions-avoidance and carbon-removal pathways outside its value chain alongside its science-based reduction trajectory. Project selection criteria include quality, location, additionality, and UN SDG alignment. Disclosed via California AB-1305.

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Marsh has rapidly scaled renewable electricity from 13% in 2019 to 76% in 2024 and 84% in 2025 across its global office portfolio. Renewable electricity is one of the firm's primary control levers for Scope 2 reductions (market-based Scope 2 fell from 83,293 tCO2e in 2019 to 7,964 tCO2e in 2025, a ~90% reduction).

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Marsh's proprietary LenAI tool handles 34.3 million queries annually. The firm intentionally avoids large-scale model training unless there is a strong business case, partners with AI and cloud providers that have set climate targets, and provides colleagues with guidance on efficient prompting and selecting the most efficient model for each task.

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Marsh acquired McGriff and Cardano in recent years; these acquisitions affected the emissions inventory and required a re-baseline of 2019 figures.

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CEO message announces bringing all businesses together under a new Marsh brand to deliver greater value across risk, reinsurance, talent, health, investments and consulting.

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Long-term Scope 3 target covers purchased goods, capital goods, upstream transportation and distribution, business travel and employee commuting (97% per $M operating profit by 2050) — broader than the near-term target which excludes upstream transport and commuting.

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Marsh receives limited assurance on its emissions data per Greenhouse Gas Protocol; the report itself is not externally assured.

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Marsh maintained its CarbonNeutral company certification for the fifth year in a row in 2025 under The CarbonNeutral Protocol, covering Scope 1, 2 and select Scope 3 sources including business travel.

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Marsh identifies fleet rationalization and electrification among its levers under control. Scope 1 emissions (largely company car fleet and space heating) were 21,108 tCO2e in 2025, down from 25,496 tCO2e in 2019.

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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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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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Emissions are measured per GHG Protocol and verified by a third-party provider; limited assurance per TCFD strategy disclosure.

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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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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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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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The 2024 GHG inventory shows an increase in Scope 3 emissions relative to historical value chain emissions, primarily due to a change in calculation methodology and process enhancements. Marsh McLennan expects to rebaseline using the new calculation methodology.

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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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In 2022 Marsh committed to net-zero by 2050 and 50% reduction in Scope 1+2 by 2030 from 2019 baseline. The Science Based Targets initiative validated these targets in 2024. Long-term: 90% Scope 1+2 reduction by 2050; 97% intensity reduction in Scope 3 by 2050.

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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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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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Scope 3 Category 6 business travel was 109,904 tCO2e in 2024. Business travel is one of the named SBTi near-term target categories (purchased goods, capital goods, business travel; 55% reduction per million USD operating profit by 2030).

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Cat 7 (Employee commuting) increased from 27,608 tCO2e in 2023 to 74,769 in 2024 — likely from methodology/data improvements.

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Cat 1 (purchased goods & services) represented over 50% of 2024 emissions. Approach: improve data quality by moving from spend-based to activity-based accounting; engage suppliers via supplier-management platform; environmentally preferred purchasing guidance (energy efficiency, recycled content, certifications).

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Offset portfolio composition: 51% avoidance, 25% reduction, 24% removal. Removal projects include biochar treatment of organic waste (sequesters CO2 and enriches soil). Selection criteria include quality, additionality, and SDG alignment. Primary focus is reducing emissions; offsets used to neutralize what cannot be reduced.

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Certified as CarbonNeutral company for fourth consecutive year under The CarbonNeutral Protocol, covering Scope 1, Scope 2 and select Scope 3 sources including business travel.

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Introducing electric vehicles to the company fleet; as of December 31, 2024, the fleet is 30% hybrid and electric vehicles. Fleet rationalization and electrification is a stated lever in the SBTi transition strategy.

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167 smart offices opened in 50 countries with energy-efficient lighting, HVAC and energy-management systems. Square footage per FTE rationalized by 39% since 2019. Implemented timed shut-offs in video conferencing rooms, energy-saving settings on computer equipment, and occupancy sensors.

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Increased renewable electricity usage to 76% of overall usage in 2024 (from 62% in 2023, and 13% in 2019). Provided US$94 million of catalytic financing for a utility-scale battery-storage project in Nevada through an investment-tax-credit (ITC) purchase.

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In 2024, Marsh McLennan received SBTi validation of its near-term target (50% Scope 1+2 reduction by 2030 from 2019; 55% Scope 3 intensity reduction per million USD operating profit) and long-term target (90% Scope 1+2 reduction by 2050; 97% Scope 3 intensity).

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2024 GHG inventory shows an increase in Scope 3 emissions relative to historical value chain emissions, primarily due to a change in calculation methodology and process enhancements. Plans to rebaseline.

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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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Reduced square footage per full-time colleague by 31% since 2019. Opened 115 smart offices since 2016 incorporating energy-saving lighting and HVAC, water-conserving fixtures, and waste-reduction practices. Continued server virtualization and migration of data centers from on-premises to cloud hosting; implemented smart energy management settings in approximately 2,500 Zoom rooms worldwide.

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Pacific region saw 11% colleague growth driven in part by merger of BT Super into Mercer Super Trust and acquisitions of Advance Asset Management Limited and Austral Risk Services.

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In 2023, launched a double materiality assessment to identify priority ESG topics; outputs to be disclosed in 2024 ESG report.

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In 2023, Marsh McLennan submitted its climate targets to the Science Based Targets initiative for validation, building on its March 2022 commitment to net-zero by 2050 with 50% reduction by 2030.

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Pacific region grew 11% year-over-year due in part to the merger of BT Super into Mercer Super Trust and acquisitions of Advance Asset Management Limited and Austral Risk Services.

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Renewable electricity rose from 13% in 2022 to 62% in 2023, driving market-based Scope 2 emissions down from 68,030 to 34,298 tCO2e. Renewable electricity was deployed across largest offices in US, UK and South Africa.

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In 2023, submitted climate targets (net-zero by 2050; 50% reduction by 2030) to Science Based Targets initiative for validation, building on March 2022 commitment.

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Oliver Wyman became early-stage investor in Mangrove Breakthrough ahead of COP28; Marsh McLennan joined Science Based Targets Network (SBTN) Corporate Engagement Program.

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Scope 3 air travel emissions updated from previous due to addition of ground transportation sources.

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Merger of BT Super into Mercer Super Trust; acquisitions of Advance Asset Management Limited and Austral Risk Services in the Pacific region drove 11% YoY headcount growth.

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Partnered with a marketplace provider and offsets developer to identify suitable carbon dioxide removal (CDR) projects. Removals portfolio includes afforestation (degraded-land restoration in South America), concrete injection (permanent CO2 storage in fresh concrete), and bio-oil pyrolysis with underground injection. 2023 offsets portfolio split: 41% avoidance, 52% reduction, 16% removal (sums to >100% in source).

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Purchased goods and services (Cat 1 = 265,624 tCO2e in 2022) is the largest Scope 3 category. Held meetings with key suppliers across technology, IT, office furniture and office supplies categories to learn about sustainability activities, share best practices, and identify collaboration opportunities. Plans to calculate Scope 3 emissions from purchased goods and services more rigorously going forward.

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As part of SBTi submission, calculated first full Scope 3 inventory for 2019 baseline and 2022, covering categories 1, 2, 3, 4, 5, 6, 7, 8, 13, and 15.

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Certified as a CarbonNeutral company for the third year in a row in 2023 per The CarbonNeutral Protocol, covering Scope 1, 2 and select Scope 3 sources including business travel.

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Scope 3 air travel emissions were updated from previous reporting due to addition of ground transportation sources, affecting comparability of business travel figures across years.

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Used renewable electricity across largest offices in the US, UK and South Africa, driving renewable electricity share from 13% (2019/2022) to 62% in 2023. Partnered with building owners on installations such as a 90-kW, 222-panel solar array in Brussels producing ~48,000 kWh since June 2023. Also partnering with cloud providers that have set their own climate targets as data centers migrate from on-premises hosting.

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70% of offices have implemented centralized waste collection; 4.6 million pounds of e-waste recycled since 2016. Eliminated single-use plastics in pantries; piloting reusable to-go containers at London HQ. At NY HQ, 95% of construction waste diverted from landfill on a recent project (272,000 lb CO2 avoided); in Singapore, 100% of furniture and monitors sourced via internal reuse during a recent renovation.

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Business travel is one of the largest emissions sources (103,590 tCO2e in 2023). Oliver Wyman Group implemented an internal price on carbon for business travel to incentivize purposeful and value-added travel. Marsh McLennan is monitoring this program's design and outcomes to understand the role it may play in reducing business travel emissions across the wider enterprise.

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Significant increase in business travel emissions (+584%) was a result of increased post-pandemic travel as well as data improvement and methodology change. Rail travel added for the first time in 2022.

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Optera provided limited level of assurance verification of MMC's 2022 GHG inventory covering 100% of Scope 1, Scope 2 (location and market-based), and Scope 3 business travel (commercial air and rail).

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Rail travel emissions (20 mtCO2e) reported for first time in 2022; N/A in 2021.

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Marsh McLennan committed to net-zero across core operations by 2050, with a 50% emissions reduction target by 2030. Signed SBTi commitment letter.

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Marsh McLennan announced commitment to set and execute low-carbon transition strategies to chart a path to net-zero across core operations by 2050, with emissions reduction target of 50% by 2030. Signed commitment letter to Science Based Targets initiative.

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As part of SBTi submission, Marsh McLennan calculated its first full Scope 3 inventory for calendar years 2019 (baseline) and 2022 (most recent year of full data). 2023 full Scope 3 not disclosed.

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Optera provided limited level of assurance verification covering 100% of Scope 1, Scope 2 (location & market), and Scope 3 business travel (air and rail) for FY2022.

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Commercial rail travel reported for the first time in 2022 (20 mtCO2e); 2021 figure was N/A.

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Scope 3 commercial air travel emissions increased 584% from 7,398 to 50,634 mtCO2e. The verification statement attributes this to 'increased, post-pandemic travel; as well as data improvement and methodology change'. Commercial rail travel was added in 2022 (N/A in 2021).

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Scope 3 business travel (commercial air) rose from 7,398 mtCO2e in 2021 to 50,634 mtCO2e in 2022, a +584% increase. Optera notes the change reflects increased post-pandemic travel as well as data improvement and methodology change.

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As part of the SBTi submission, Marsh McLennan calculated its first full Scope 3 inventory for calendar years 2019 (baseline) and 2022, covering Categories 1, 2, 3, 4, 5, 6, 7, 8, 13 and 15.

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GHG inventory verified to a limited level of assurance by Optera per ISO 14064-3, covering 100% of Scope 1, Scope 2, and Scope 3 business travel (air and rail).

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In March 2022, announced goals to achieve net-zero carbon emissions across global business operations by 2050, with 50% emissions reduction by 2030.

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In 2021, Marsh McLennan became certified as a CarbonNeutral company in accordance with The CarbonNeutral Protocol, calculating and offsetting Scope 1, Scope 2 and select Scope 3 including business travel.

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2021 Scope 1, 2, and 3 emissions calculations incorporated methodological changes made to more accurately reflect true impact. To maintain consistency, emissions data from 2019 and 2020 have been modified to reflect these changes.

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In January 2021, committed to eliminating single-use plastics in all office pantries globally by end of 2022; 50% complete at year-end 2021.

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Marsh McLennan Global Technology Infrastructure (MGTI) accelerated migration to Microsoft 365 SaaS tools (100% colleagues migrated by mid-2022). Retired 16 servers in 2021 with 275 more planned for 2022 as data moves to public cloud. Global IT Asset Disposal (ITAD) program retired 10,500+ older laptops in 2021 replaced with energy-efficient models; ~3.6M lbs e-waste recycled over 8 years.

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Marsh McLennan became certified as a CarbonNeutral company in accordance with The CarbonNeutral Protocol, offsetting Scope 1, 2 and select Scope 3 (business travel) emissions through a portfolio of seven offset projects.

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Prioritized SDGs 3, 5, 7, 8, 13, 17 as 'the Sustainable Six' for the firm's impact areas.

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Business travel (Scope 3 air travel) is the dominant addressable scope-3 category for MMC. The Green Traveler program includes a 3-minute educational video, Purposeful Travel Guide questionnaire and Tips for Greener Travel. Air travel emissions fell from 79,556 tCO2e in 2019 to 7,398 tCO2e in 2021. The firm commits to use travel alternatives even as travel rebounds.

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In January 2021 committed to eliminating single-use plastics and reducing single-use waste in all office pantries globally by end of 2022. As of year-end 2021, 50% of offices (housing 50% of colleagues) had eliminated single-use plastics.

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2021 Scope 1, 2, and 3 emissions calculations incorporated methodological changes to more accurately reflect impact. 2019 and 2020 data restated for consistency.

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Since 2016, MMC has opened 51 Smart Offices in 22 countries housing ~14,000 colleagues, with creative space design, energy-efficient lighting and HVAC, and construction practices focused on waste reduction. Nine more offices under construction including NYC and London. Scope 2 reduction from 2020 to 2021 reflects more efficient energy grids and reduced real estate footprint.

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To achieve CarbonNeutral® certification, MMC offset Scope 1, 2 and select Scope 3 (business travel) emissions using a diversified portfolio of seven offset projects: Seneca Meadows landfill gas (USA), Rimba Raya REDD+ biodiversity reserve (Indonesia), Sichuan household biodigesters (China), East Africa community reforestation (Kenya/Uganda), domestic energy systems (India), degraded land afforestation (Chile), and Bondhu Chula clean cookstoves (Bangladesh). Projects are predominantly avoidance/reduction credits rather than durable removals.

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All GHG emissions data was reviewed and verified by third party assurance provider Optera.

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2021 Scope 1, 2, and 3 emissions calculations incorporated methodological changes to more accurately reflect impact. Emissions data from 2019 and 2020 were modified to reflect these changes.

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Marsh McLennan committed to set and execute low-carbon transition strategies to chart a path to net-zero across core operations by 2050, with an emissions reduction target of 50% by 2030. Signed commitment letter to SBTi.

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Scope 3 business air travel emissions remained low in 2021 due to continued COVID-19 pandemic impact, contributing significantly to the surpassing of the 15% reduction target.

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All GHG emissions data was reviewed and verified by third party assurance provider Optera.

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Marsh McLennan's reported and verified Scope 3 emissions include only business commercial air travel; other Scope 3 categories not yet measured.

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All GHG emissions data was reviewed and verified by third party assurance provider Optera. Note: report itself states it has not been externally assured or verified.

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In 2020 committed to reducing emissions from Scopes 1, 2 and business travel 15% below 2019 levels by 2025. Surpassed by year-end 2021.

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In 2020, Marsh McLennan committed to reducing emissions from Scopes 1, 2 and business travel 15% below 2019 levels by 2025. As of year-end 2021, surpassed this goal—primarily due to limited business travel during COVID-19.

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Launched in 2020 with eight concrete commitments including Race Advisory Council, $5M social justice giving over three years, focused diverse hiring, mandatory diversity training.

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In 2020, committed to reducing emissions from Scopes 1, 2 and business travel 15% below 2019 levels by 2025. As of year-end 2021, surpassed this goal, primarily due to limited business travel during COVID-19.

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