NEWARK, N.J., December 04, 2019 - Prudential Financial, Inc.’s (NYSE: PRU) new Global Environmental Commitment (GEC) expands the company’s support for sustainable investments through a wide range of business, operational and investment goals. These new targets to reduce the company’s impact on the environment include:
- Reduce domestic emissions by 65% by 2050.
- Improve recycling and composting measures to achieve a 65% waste diversion rate by 2025.
- Allocate 10% of Prudential’s impact investing portfolio to sustainable investments by 2025.
- Grant $25 million to support response to climate-related natural disasters through The Prudential Foundation by 2025.
- Commit all of Prudential’s top vendors to support the GEC and invite them to report on climate change KPIs by 2022.
“Our commitment to shareholders, customers and employees goes hand in hand with our responsibility to the environment and ensuring it is protected for future generations,” said Margaret “Peggy” Foran, chief governance officer and corporate secretary at Prudential. “We are proud of the steps we are taking to deliver sustainable business and environmental outcomes.”
The full set of goals include operational targets to reduce the direct impact of Prudential’s business activities around the world, as well as investment targets which will enable Prudential to achieve sustainable and environmentally responsible returns for investors.
These global objectives were created following an extensive review of the current sustainability landscape and industry best practices, which include the activities of other leading financial services peers. Prudential also led research to ensure that Prudential’s new goals are aligned with the Science Based Targets initiative.
Each of Prudential’s businesses will be responsible for implementing the environmental commitment, with the support of the company’s Environmental Task Force, Sustainability Council, and vice chairman Rob Falzon.
The Corporate Governance and Business Ethics Committee of Prudential’s Board of Directors will review the environmental commitment and progress made against goals on an annual basis.
Prudential first introduced an environmental commitment in 2008, which outlined domestic goals.
The full 2019 Global Environmental Commitment can be found here.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial wellness leader and premier active global investment manager with more than $1 trillion in assets under management as of Sept. 30, 2019, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit news.prudential.com.