GlobalData offers a comprehensive analysis of Arch Capital Group, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of Net Zero and associated ESG keywords, GlobalData delivers valuable information on Arch Capital Group‘s ESG performance. GlobalData’s company profile on Arch Capital Group offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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.