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Zurich, Marsh McLennan detail net-zero emissions targets

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Zurich Insurance Group Ltd. and Marsh & McLennan Cos. Inc. each released details of their net-zero emissions targets on Thursday.

Zurich said it plans to be a net-zero emissions business by 2030, 20 years sooner than originally slated.

The accelerated timeline comes after it implemented plans announced last year on emissions-reduction targets, Zurich said in a statement.

Zurich has signed carbon removal agreements with several suppliers of nature-based solutions to help reach its target, including Australian carbon capture startup InterEarth, San Juan Puerto Rico-based Bio Restorative Ideas LLC and Oregon Biochar Solutions, based in White City, Oregon.

The Swiss insurer has made advance payments to help the suppliers further develop, scale and commercialize their early-stage technologies, it said.

Meanwhile, Marsh McLennan said it plans to achieve net-zero emissions across its operations by 2050 and will reduce its emissions by 50% by 2030.

In its second environmental, social and governance report, released Thursday, Marsh McLennan said its air travel emissions continued to fall in 2021, as the COVID-19 pandemic continued and business travel remained low.

Marsh McLennan’s Scope 3 emissions, which include only emissions from staff air travel, fell from 19,300 metric tons of carbon dioxide equivalent in 2020 to 7,398 metric tons in 2021, according to the report.

“We plan to continue to use travel alternatives even when travel rebounds after the pandemic,” Marsh McLennan said in the report.