Boston, May 20, 2024 – Travelers’ investors voted May 15 on a Green Century shareholder proposal asking the company to engage, educate, and hold fossil fuel industry clients accountable for eliminating methane emissions from their operations. 15.5% of the votes cast were in favor of the proposal.
“We hope Travelers takes investor concern seriously and commits to help clients reduce methane emissions,” said Green Century President Leslie Samuelrich. “Insurance companies, which are directly dealing with the costs of climate change, would be well served to reduce carbon pollution wherever possible.”
Based in New York City and incorporated in Minnesota, Travelers is one of the oldest insurance organizations in the United States, dating back to 1853. In addition to providing homeowner, car, and rental insurance, Travelers also insures oil and gas well operators, owners, and contractors, as well as pipelines. Through direct releases, flaring, and leaks, these operations emit methane, a greenhouse gas that is 80 times more potent than carbon dioxide over a 20-year period.
Methane emissions accelerate global warming and harm public health
The Intergovernmental Panel on Climate Change estimates that more than half of the global warming over the next two decades will be caused by the continued release of methane and other short-lived pollutants released into the atmosphere. In addition, methane emissions contain toxic chemicals, which can cause serious health impacts to people living near oil and gas extraction sites.
“We believe Travelers should act quickly to reduce its exposure to the fossil fuel industry and mitigate climate risk,” said Annie Sanders, Green Century’s director of shareholder advocacy. “We encourage the company to take commonsense steps to address methane emissions in its underwriting portfolio as soon as possible.”
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