Commercial, Energy Efficiency, GHG Emissions  -  April 15, 2024

Principal Financial Group Lowers Emissions by 14.6%

Financial services company Principal Financial Group decreased its global Scope 1 and 2 market-based GHG emissions by 14.6% in 2023.

The goal for 2024 is to lower its market-based GHG emissions even further, by 4.3%.

The company met or exceeded its multi-year sustainability goals, including achieving GHG emission goals, averaging a 11.5% reduction each year since 2019.

Principal Financial Group is on track to reach its long-term goal of achieving a 65% reduction in global Scope 1 and Scope 2 market-based GHG emissions by 2034. The glide path goal averages to a 4.3% reduction per year, which Principal achieved in 2023 through meaningful decreases in emissions in the U.S. and globally.

Principal’s investment teams increased assets under management internally classified as sustainable investment products from 55% in 2022 to approximately 61% in 2023. The company also introduced four new sustainable investment options.

Principal plans to reduce building energy by completing energy efficiency projects and adding building electrification. 

Details were published in its 2023 Sustainability Report.

“Customers want to do business with companies whose values align with their own. Our customers tell us these actions matter to them. They also matter to us,” said Dan Houston, chairman, president, and chief executive officer at Principal, in a statement. "Principal is committed to expanding the population of those living in financial security through long-term, responsible actions like advocating for financial inclusion and creating new opportunities for generations to come."