MARSH SAS

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

MMC uses renewable electricity across the Group's largest offices in the US, UK and South Africa. The Group also maintained its CarbonNeutral certification (initially achieved 2021) across all global operations.

No narrative on durable removals approach in the firm's most recent reports.

• Data centre virtualisation

  Continuing to virtualise services, reducing data space requirements, power consumption and cooling needs, and emissions.

• Office footprint reduction and smart offices

  Reduced square footage per full-time colleague by 31% since 2019 and opened 115 smart offices since 2016. Smart offices incorporate energy saving lighting and HVAC, water-conserving fixtures, and practices designed to reduce construction and operational waste.

• Waste reduction in London office

  Introduction of compostable or reusable 'to go' containers in the London office to reduce waste from food service.

• IT asset lifecycle & cloud migration

  The Group recycles electronic waste, decreases impact of personal computing, maintains energy-efficient data centres, and has adopted many Software as a Service (SaaS) applications leveraging high-efficiency public cloud infrastructure. Over nine years nearly 4.4 million pounds of e-waste was recycled or remarketed; in 2022, 1,644 servers were disposed of and ~18,000 older laptops and 5,400 desktops were retired and replaced with energy-efficient models.

• Smart Office workplace programme - efficient design

  The Smart Office workplace initiative incorporates creative space design, energy-efficient lighting and HVAC systems and construction practices focused on waste reduction. Since 2016 the Group has opened 79 Smart Offices in 26 countries, housing over 27,000 colleagues.

• Client climate-risk advisory through insurance broking

  Subsidiaries actively engage with insurers to secure terms and capacity for clients on their climate risk and net zero journeys, and embed climate risk into core broking proposition and risk advisory services. Opportunity to include climate into client council ongoing agenda.

• Single-use plastic elimination in office catering

  A January 2021 commitment to eliminate single-use waste in office catering facilities has been achieved; 100% of offices, representing over 1,000 catering facilities across the global group, have eliminated single-use plastics.