Metlife

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.

MetLife purchases renewable energy credits (RECs) to lower Scope 2 market-based emissions and maintains carbon neutrality for its global offices, vehicle fleets, and business travel. In 2022, 111,692 MWh of electricity was sourced from renewable instruments out of 126,732 MWh total purchased electricity (88%). The company maintains a dedicated annual budget for RECs and carbon credits as part of its carbon neutrality commitment since 2016, purchasing RECs to match its electricity consumption profile and support renewable electricity technologies.

MetLife purchases and retires carbon offsets annually to maintain carbon neutrality for global offices, vehicle fleets, and business travel (Scope 3 Cat 6). In 2022, MetLife cancelled approximately 24,101 tCO2e across eight projects including reforestation (Mississippi Valley, Fresh Breeze Teak Afforestation Mexico), REDD+ (Choco-Darien Colombia, Rucas Amazon Brazil), afforestation, forest management (Albany NY), solar water heating (India), biodigesters (China), and clean cookstoves (China). Projects align with UN SDGs. MetLife intends to neutralize unabated emissions with permanent carbon removals at its 2050 net-zero target year.

• Energy efficiency capital projects across global office portfolio

  MetLife implements energy efficiency projects including LED lighting upgrades, HVAC replacements, occupancy sensors, demand metering, window replacements, and building management system upgrades across its approximately 11.1 million sq ft global office portfolio. In 2022, these projects delivered 501 tCO2e in documented emissions reductions with $903,188 in monetary savings against a $901,328 investment. RE&CS teams develop long-term energy-reduction plans in partnership with facility management teams in more than 30 countries.

• Business travel reduction via collaboration tools and hybrid working

  MetLife's interim target is to reduce Scope 1, 2, and Scope 3 Category 6 business travel emissions by 50% from a 2019 base year by 2030. By 2022, actual Scope 3 business travel emissions had fallen from 25,183 tCO2e (2019) to 7,079 tCO2e (2022), representing ~72% reduction driven by increased use of collaboration tools and the residual impact of COVID-19-era hybrid working. The strategy explicitly states reductions will not be achieved through the purchase of carbon offsets.

• Green building certification and healthy buildings programme

  MetLife targets at least 40% of its global office square footage certified to green or healthy building standards by 2030. In 2022, 42% of global buildings achieved healthy or green building certifications (LEED, WELL, Fitwel, ENERGY STAR), exceeding the target. MetLife achieved LEED certifications for over 40.7 million sq ft of real estate. The EPA recognised MetLife and MIM as the 2022 ENERGY STAR Partner of the Year – Sustained Excellence, the fifth consecutive year.

• General Account investment portfolio decarbonisation: financed emissions engagement and exclusions

  MetLife's Net Zero commitment applies to assets in the General Account investment portfolio. Interim targets include: engaging emitters responsible for at least 50% of public corporate portfolio financed emissions on climate annually, and reducing GHG emissions for managed real estate equity investments by 50% by 2030. MetLife applies investment screens excluding new investments in miners/utilities deriving 25%+ revenue from thermal coal and companies with 20%+ oil reserves in oil sands. MIM originated $5 billion of green investments in 2022, bringing total MIM-managed green investments to $35 billion at year-end 2022.

• MIM MetZero programme for carbon-neutral managed real estate equity investments

  MIM's proprietary MetZero programme uses a Carbon Cascade approach to systematically reduce emissions at MIM-managed real estate equity properties: first through energy management and efficiency, then on-site renewables, and finally off-site RECs and carbon offsets. In 2022, MIM achieved carbon neutrality across in-scope real estate fund portfolios and a 9% reduction in Scope 1 and 2 GHG emissions for MetLife General Account real estate equity investments since 2019, and a 13% portfolio energy intensity reduction per the DOE Better Buildings Challenge. MIM targets a 50% reduction in Scope 1 and 2 emissions from 2020 base by 2030.

• Supplier engagement programme to drive supply chain emissions reductions

  MetLife engages critical and major suppliers through the CDP Supply Chain Programme and its Supply Chain Sustainability Program. By 2022, 181 suppliers disclosed climate data, 115 had public GHG reduction targets (exceeding the 2025 goal of 100 three years early), and suppliers reported aggregate emissions savings of 44.4 million metric tonnes CO2e. An interim Net Zero target requires two-thirds of suppliers to set science-aligned emissions reduction goals by 2030. Sustainability criteria are embedded in RFPs, supplier onboarding, and the Supplier Code of Business Ethics.