Commercial, Energy Efficiency, GHG Emissions - July 2, 2024
Prudential Financial Lowers Emissions by 69%
Prudential Financial, Inc. lowered its emissions by 69% since its 2017 baseline year for the facilities in its emissions reduction targets.
In May of 2023, Prudential sourced 100% renewable electricity from a national grid of windfarms to replace its full Newark, New Jersey campus electricity load — which consists of its headquarters and five other locations — significantly reducing its Scope 2 market-based emissions. Without these credits, the company's location-based Scope 1 and 2 emissions reduction from 2022 to 2023 was 7%.
In 2023, the financial services company exited two owned data center facilities in the U.S. and moved into two co-located data centers with smaller footprints and greater efficiencies, further reducing its Scope 1 and 2 emissions. One data center in New Jersey is powered by 100% renewable electricity, while the other in Virginia uses an air-based cooling system instead of a traditional water-based system, significantly cutting back on overall water consumption in comparison to previously owned data centers. The Virginia data center has a goal of being powered by 100% renewable electricity by 2025.
As announced in its 13th consecutive annual Sustainability Report, Prudential reduced Scope 1 and 2 emissions from the facilities included in its emissions reduction targets by 30% from 2022 to 2023 and is 71% toward its 2040 goal of achieving a 97% Scope 1 and 2 emissions reduction from these facilities since 2017.
“A sustainable approach to doing business and serving our customers is a critical component of how Prudential is transforming into a higher growth, more capital efficient and more nimble company that provides long-term value to all our stakeholders,” said Charles Lowrey, chairman and CEO of Prudential, in a statement.
The report is a key component of the company’s sustainability reporting and provides ongoing transparency and accountability on Prudential’s management of the sustainability issues relevant to its businesses.
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