Metlife — full event log

Target Abs1 set in 2023: reduce Scope 1, 2, and Scope 3 Category 6 business travel emissions by 50% from 2019 base year by 2030. Considered a science-based target with commitment to seek SBTi validation within two years. Target covers 100% of Scope 1 and 2 and Cat 6 Scope 3.

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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.

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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.

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In June 2022, MetLife announced its commitment to Net Zero GHG emissions for its global operations and General Account investment portfolio by 2050 or sooner. Applies to owned/leased offices, vehicle fleets, business travel, supply chain, and General Account investments.

sustainability_report p.1

In 2022, MetLife updated its eGrid and IEA emission factors to 2021 values and revised the static estimation factors (previously based on 2015 actuals) used where actual electricity or natural gas data is unavailable, more accurately reflecting hybrid work schedules. This led to a net reduction of ~4,276 tCO2e (6.69%) in reported Scope 1+2 emissions vs prior year methodology.

sustainability_report p.53

In 2022, MetLife recategorized emissions based on spend for direct mailings from Category 4 (upstream transport) to Category 9 (downstream transport) since most mailings are to customers after the point of sale. 1,604 tCO2e now in Cat 9.

sustainability_report p.49

Annual limited assurance process completed for FY2022 emissions (Scope 1, Scope 2 location-based and market-based, Scope 3 Category 6 business travel) and emissions reduction activities, verified by third-party environmental assurance firm to ISO 14064-3 standard.

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In 2022, MetLife launched a global Climate Advisory Council chaired by the CRO, including the CFO, CIO, and Chief Legal Officer, to enhance the governance of climate risk. Topics addressed include climate regulation, risk governance review, and climate-related customer expectations.

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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.

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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.

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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.

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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.

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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.

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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.

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In June 2020, MetLife published its Investment Screens Policy excluding new direct investments in miners/utilities deriving 25%+ revenue from thermal coal and companies with 20%+ oil reserves in oil sands, for General Account portfolio. Existing direct holdings in assault weapons, controversial weapons and tobacco divested at the same time.

sustainability_report p.32

In September 2020, MetLife set a goal to mobilize 100 suppliers to set a GHG emissions reduction target by 2025. By 2022 this was exceeded with 115 suppliers having public targets, achieving the goal three years early.

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