Arch Capital Group has committed to reduce its Scope 1 and Scope 2 greenhouse gas emissions by 42% and achieve net zero operations by 2030. Arch Capital Group's latest filings mentioned the keywords 'Emissions' and 'Renewable' most number of times in relation to 'Net Zero'.

Over half of Arch's carbon emissions come from electricity powering its worldwide offices. The company's emissions reduction targets are based on the recalculated 2020 baseline year emissions. Arch Capital Group's 2022 total emissions increased by 41%, primarily driven by its return to pre-pandemic business travel activity. The company continues to measure its global emissions across Scopes 1, 2, and 3. To progress towards its 2030 Scope 1 and 2 emissions reduction target in alignment with Science-Based Targets initiative (SBTi), Arch purchased 6,624 Renewable Energy Credits (RECs) from eligible renewable energy projects in the US and Philippines, effectively reducing Scope 2 market-based emissions by 2,152 metric tons.

In 2022, the company's total Scope 1 emissions were 1,069 metric tons of CO2e, Scope 2 (market-based) emissions were 5,383 metric tons of CO2e, while its total Scope 3 emissions were 61,536 metric tons of CO2e. To offset a significant portion of its 2021 operational emissions, Arch has chosen two impactful programs. These include a Gold Standard-certified project in Uganda that focuses on rehabilitating non-functioning boreholes for clean water access, and a Verra-certified project in Malawi that distributes improved fuel-efficient cookstoves to households.

In conclusion, Arch Capital Group is committed to reducing its emissions and achieving net-zero operations by 2030. The company has taken proactive steps, such as purchasing Renewable Energy Credits and implementing impactful programs, to offset its emissions and promote sustainability.

Premium Insights

From

The gold standard of business intelligence.

Blending expert knowledge with cutting-edge technology, GlobalData’s unrivalled proprietary data will enable you to decode what’s happening in your market. You can make better informed decisions and gain a future-proof advantage over your competitors.

GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

GlobalData’s Company Filings Analytics uses machine learning to uncover key insights and track sentiment across millions of regulatory filings and other corporate disclosures for thousands of companies representing the world’s largest industries. This analysis is combined with crucial details on strategic and investment priorities, innovation strategies, and CXO insights to provide comprehensive company profiles.