Greenhouse Gas Emissions
Verisk reports lower Scope 1 and 2 emissions in conjunction with CDP’s 2023 Climate Change Questionnaire
Additional office consolidations, the continued transition to more efficient cloud-based data processing, improved fuel efficiency for the Company’s commercial underwriting automobile fleet, and the impact of divestments involving Verisk 3E and Verisk Financial, collectively contributed to reduce Verisk’s Scope 1 and 2 emissions for 2022 compared to the prior year.
The emissions were calculated in conjunction with Verisk’s annual greenhouse gas inventory and response to CDP’s 2023 Climate Change Questionnaire. The inventory covered 100% of Verisk’s global operations, including three newly acquired businesses that began reporting the first full month following their integration. Emissions for Verisk 3E and Verisk Financial were also included in the inventory for the months prior to their divestment. Full-year 2022 emissions were included for Verisk’s Wood Mackenzie business, which was divested in 2023.
CDP, formerly known as the Carbon Disclosure Project, is the not-for-profit organization that hosts a global disclosure system for investors, companies, and other key stakeholders to report and manage their environmental impacts.
Verisk reports emissions on both a location- and market-basis. Absolute Scope 1 and 2 emissions calculated on a location-basis – that is, before renewable energy certificates (RECs) are applied – indicate that Verisk has exceeded its target to reduce such emissions 21% by 2024, compared to a 2019 baseline. After discounting the effects of the Verisk 3E and Verisk Financial divestments, Verisk’s actual reduction through 12/31/2022 is approximately 30.5%.
The 21% target was calculated by Ecometrica, a CDP-accredited solutions provider, using Science Based Targets guidance aligned with a 1.5°C global future.
Calculated on a market-basis, the lower emissions, coupled with the impact of Verisk’s investments in renewable energy certificates (RECs) and the application of carbon offsets, helped Verisk balance 100% of its CDP-reported Scope 1, 2, and 3 (business air travel and downstream leased assets) emissions for the sixth consecutive year.
Results for the five-year period 2018-2022, can be found here. An independent third party provided external assurance over certain GHG emissions metrics, and their Report of Independent Accountants as well as our management assertion can be found here.
Verisk conducts its annual emissions inventory in accordance with the Greenhouse Gas (GHG) Protocol, a globally recognized standard developed in conjunction with the World Resources Institute and the World Business Council for Sustainable Development.