New York Life Insurance Company
Climate Impact & Sustainability Data (2020-2021)
Reporting Period: 2020-2021
Environmental Metrics
Total Carbon Emissions:93,893 tCO2e/year (2021)
Scope 1 Emissions:445 tCO2e/year (2021)
Scope 2 Emissions:90,922 tCO2e/year (2021)
Scope 3 Emissions:2,546 tCO2e/year (2021)
Renewable Energy Share:Not disclosed
Total Energy Consumption:66000 MWh/year (2021)
Water Consumption:570 million gallons (2021)
Waste Generated:Not disclosed
Carbon Intensity:Not disclosed
ESG Focus Areas
- Our People
- Our Communities
- Our Policy Owners & Clients
- Our Approach to Responsible Investing, Impact, and Innovation
- Our Environment
- Our Governance
Environmental Achievements
- Reduced our carbon footprint by 11.8% over a 2019 baseline
Social Achievements
- 125,000+ hours volunteered in 2021
- $1.8 million in volunteer grants given in 2021
- In 2021, New York Life employees and agents completed an average of 28 hours of training per employee/agent
- Expanded Bereavement Policy providing up to 15 days of paid bereavement leave
Governance Achievements
- Annual review of corporate governance best practices
- Annual and ongoing identification and review of potential Director conflicts of interest
- Maintaining clear assignment of ESG oversight at the senior management and Board levels
- Ongoing commitment to enhanced transparency on various ESG-related topics
Climate Goals & Targets
Long-term Goals:
- Not disclosed
Medium-term Goals:
- Develop carbon reduction targets for our operations
- Disclose more information on our physical and transition risks associated with climate change
- Enhance our supply chain program to better understand our environmental and social impacts
Short-term Goals:
- Provide 500,000 volunteer hours for our local communities by 2025
- Invest $15 million in organizations and programs focused on social justice and racial equity through the New York Life Foundation by 2025
- Create 50 opportunities to match diverse vendors with New York Life executive and appointive officer stakeholders to support targeted service needs over the next three years
Environmental Challenges
- Climate Change Risk (physical and transition risks)
- Data Privacy and Cybersecurity
Mitigation Strategies
- Assessing and managing material risks, including climate risk, in accordance with the company’s Enterprise Risk Management Policy and framework
- Weather-related business interruptions are assessed and managed through our corporate resilience program
- Ongoing commitment to enhanced transparency on various ESG-related topics
- Implementing controls to safeguard personal information
- Annual data privacy training to all employees
- Multilayered security model aligned with international standards
Supply Chain Management
Supplier Audits: Not disclosed
Responsible Procurement
- Supplier Code of Conduct
- Supplier Security Standard
- Supplier Travel and Expense Policy
Climate-Related Risks & Opportunities
Physical Risks
- Flooding
- Extreme weather events
- Wildfires
- Rising sea levels
Transition Risks
- Current or future regulations impacting carbon-intensive sectors
- Climate change regulation impacting investment value or counterparties
Opportunities
- Investment in renewable energy projects and green bonds
- Investment in companies developing climate change mitigation technologies
Reporting Standards
Frameworks Used: GRI Standards: Core option, TCFD framework
Certifications: LEED Existing Building Gold certification (51 Madison Avenue), 2-Star Fitwel certification (51 Madison Avenue)
Third-party Assurance: Not disclosed
UN Sustainable Development Goals
- Not disclosed
Not disclosed
Sustainable Products & Innovation
- GuideMe app
- IQ Dual Impact ETF suite
Awards & Recognition
- Fortune magazine’s 2021 World’s Most Admired Companies
- No. 67 on Fortune magazine’s 2021 Fortune 500
- 2021 Seramount Top Companies for Executive Women
- Chief Learning Officer Magazine Elite Gold Organization
- Human Rights Campaign Corporate Equality Index perfect score of 100