Prudential Financial

Prudential Financial, a UK-based company operating in insurance and pension funding services, has demonstrated a commitment to reducing its environmental impact through various emissions targets and initiatives.

Emissions Overview:

• 2024: Prudential Financial reported total emissions of approximately 38.8 billion kg CO2e. This comprised Scope 1 emissions of about 13.6 million kg CO2e, Scope 2 emissions (market-based) of approximately 9.3 million kg CO2e, and Scope 3 emissions of roughly 255.5 million kg CO2e.
• 2023: Total emissions were approximately 432.9 million kg CO2e, with Scope 1 emissions at around 12.8 million kg CO2e, Scope 2 (market-based) at approximately 16.9 million kg CO2e, and Scope 3 at a substantial 410.1 million kg CO2e.
• 2022: Total emissions were approximately 472.8 million kg CO2e, including Scope 1 emissions of about 13.3 million kg CO2e, Scope 2 (market-based) of approximately 29.2 million kg CO2e, and Scope 3 of around 353.7 million kg CO2e.
• 2021: Total emissions stood at approximately 46.4 billion kg CO2e, comprising Scope 1 emissions of about 11.1 million kg CO2e, Scope 2 (market-based) of approximately 35.3 million kg CO2e, and Scope 3 of roughly 0.7 million kg CO2e.
• 2020: Total emissions were approximately 50.5 billion kg CO2e, with Scope 1 emissions at about 10.2 million kg CO2e, Scope 2 (market-based) at around 40.3 million kg CO2e, and Scope 3 at approximately 0.6 million kg CO2e.
• 2019: Total emissions were approximately 64.3 billion kg CO2e, with Scope 1 emissions of about 15.2 million kg CO2e, Scope 2 (market-based) at approximately 49.1 million kg CO2e, and Scope 3 at roughly 0.5 million kg CO2e.
• 2018: Total emissions were approximately 89.0 billion kg CO2e, including Scope 1 emissions of about 21.0 million kg CO2e and Scope 2 (market-based) of approximately 68.0 million kg CO2e.
• 2017: Total emissions were approximately 94.4 billion kg CO2e, with Scope 1 emissions of about 20.3 million kg CO2e and Scope 2 (market-based) of approximately 74.0 million kg CO2e.
• 2016: Total emissions were approximately 83.6 billion kg CO2e, comprising Scope 1 emissions of about 12.9 million kg CO2e and Scope 2 emissions of approximately 61.7 million kg CO2e.
• 2015: Total emissions were approximately 83.5 billion kg CO2e, with Scope 1 emissions of about 6.5 million kg CO2e and Scope 2 emissions of approximately 62.6 million kg CO2e.
• 2014: Total emissions were approximately 86.9 billion kg CO2e, including Scope 1 emissions of about 7.8 million kg CO2e and Scope 2 emissions of approximately 67.1 million kg CO2e.
• 2013: Prudential reported Scope 1 and 2 emissions of approximately 20 million kg CO2e and Scope 3 emissions of about 100,000 kg CO2e.

Climate Commitments and Reduction Targets:

Prudential Financial has set several ambitious targets to reduce its greenhouse gas (GHG) emissions:

• Net Zero by 2050: The company is committed to achieving net zero environmental performance emissions across its primary domestic and international home office operations by 2050.
• Interim Targets (2030): Prudential aims for a 55% reduction in GHG emissions by 2030 from a 2017 baseline year for its facilities included in emissions reduction targets. In 2024, the company reported a 76% reduction in operational emissions since its 2017 baseline for these facilities.
• Interim Targets (2040): A significant interim goal is to achieve a 97% reduction in Scope 1 and 2 emissions from its facilities by 2040, compared to the 2017 baseline. As of 2023, the company was 71% towards this goal.
• Carbon Neutrality: Prudential aims to achieve carbon neutrality for its core properties by 2040.
• 2030 Reduction Goal: Prudential has committed to reducing its greenhouse gas emissions by 40% by 2030 from a 2019 base year, and reaching net zero by 2060.
• Prior Reduction Achievement: By 2015, Prudential had achieved a 19% reduction in GHG emissions from 2007 levels.
• Science-Based Targets: In 2019, the company set a quantitative GHG reduction goal of 65% by 2050 for its U.S. domestic sites, based on historical data and a science-based approach. Interim targets included a 34% reduction by 2030 and a 52% reduction by 2040, compared to its 2017 baseline domestic emissions.
• Recent Progress: Between 2022 and 2023, Prudential reduced Scope 1 and 2 emissions from the facilities included in its reduction targets by 30%.

These targets and achievements highlight Prudential Financial's dedication to environmental stewardship and its proactive approach to climate change mitigation within the insurance and pension funding sector.