LOADING

Type to search

Marsh Clients Can Now Pay Fees Using Carbon Credits and Renewable Energy Certificates

Marsh Clients Can Now Pay Fees Using Carbon Credits and Renewable Energy Certificates

  • First-of-its-kind payment option in the financial services industry
  • Shows how investing in strong ESG frameworks can result in tangible benefits
  • “The insurance industry has a central role to play in enabling firms to achieve the climate goals set at COP26.”

Marsh, the world’s leading insurance broker and risk advisor, announced that US clients now have the option to pay their Marsh service fees in voluntary carbon offset credits and renewable energy certificates (RECs). The move — believed to be a first-of-its-kind in the financial services industry — is part of Marsh’s commitment to help accelerate the energy transition from fossil fuels to renewables and to recognize clients pursuing and exceeding net zero carbon emission goals.

Under the payment program, US Marsh clients can opt to pay for US insurance broking or risk advisory services by transferring agreed upon voluntary carbon offset credits and RECs to leading banking institution Bank of America, which has extensive experience with carbon markets, via a registry account. After receiving the credits and certificates, Bank of America will send the proceeds to Marsh.

“The insurance industry has a central role to play in enabling firms to achieve the climate goals set at COP26,” said Pat Donnelly, President, US and Canada, Marsh. “Marsh’s new carbon credit payment program demonstrates how investing in strong ESG frameworks can result in tangible benefits and complements other Marsh initiatives such as our ESG Risk Rating tool, which enables organizations to measure their environmental, social, and governance (ESG) performance. Being able to pay for Marsh’s services and solutions with these credits and certificates is a benefit for our clients seeking to preserve cash and provides another incentive to invest in carbon removal and avoidance projects.”

See related article: Marsh launches world’s first insurance for green and blue hydrogen projects

Paul Murray, a Senior Vice President in Marsh’s financial and professional liability (FINPRO) Practice, which developed the program, added: “Many companies currently make use of voluntary carbon offset credits and RECs as a part of their overall sustainability goals. With the recent passage of President Biden’s Inflation Reduction Act of 2022, which includes a number of incentives to spur the expansion of clean energy, we expect the use of credits and RECs to increase significantly.”

Voluntary carbon offset credits are records of investments organizations make in environmental projects and infrastructure that either remove carbon dioxide (CO2) or avoid the emission of CO2. Each offset represents the successful, verified removal or avoidance of one ton of CO2.

RECs are records of renewable electricity generation and are issued to organizations when one megawatt-hour (MWh) of electricity is generated and delivered to the electricity grid from a renewable energy resource.

Source: Marsh

Topics

Related Articles

Leave a Comment

Your email address will not be published. Required fields are marked *

LOADING

Type to search

Blog

blackrock
bbva
SEC
Sustainable Fashion Consumption - Will 5 New Fashion Pieces a Year Satisfy Your Needs?
Inspiring Women Leading The Fight Against Climate Change
Climate Vault Solutions
NatPower
Electric Vehicle
SHEIN
Accenture releases study on how businesses can play a part in achieving SDGs
Agriculture
Apex Group Boosts Regulatory Consulting Service with Enhanced Team
Logitech
renewables
USDA
rbc
IBM
SEC Adopts Rules to Enhance and Standardize Climate-Related Disclosures for Investors
Berkshire's PacifiCorp Faces Billions in Oregon Wildfire Damages: A Turning Point for Climate Accountability?
BMW
SAPP
Schneider
Recycling
Fossil-Fuel
Kush Patel - Permira Climate Investments
H&M Group
Sustainable Fitch Appoints Marcy Block as Global Head of ESG Ratings
ESG Data
Unilever
Invesco exits Climate Action 100+, raising doubts about the future of the investor-led climate engagement initiative.
bitkom
Aldi
JLR
Codelco
UNDP
ISS ESG
Bain & Company
Currys
ABP
Natural Gas
apple
HIVE HYDROGEN
Tim Mohin - EU Reaches Peak Sustainability
How AI is changing the Sustainability and Circularity in Fashion industry
Standard Chartered has expanded the scope of their annual Fair Pay Report to cover broader commitment to diversity, equality and inclusion.
ExxonMobil
asda
Daniel Klier
BBVA
IEA
Green-Collar
wells fargo
schneider electric
human rights
Iberdrola
SBTi
Singapore
EPA
IAG
Jeff Currie
IBM
Formula 1
Ecosystems
at&t
Kering
S&P Dow Jones Indices introduces the S&P Biodiversity Indices, expanding its sustainability-focused benchmarking tools.
Green Bond
Deutsche Bank
Biden-Harris Administration Announces $366 Million to Accelerate Clean Energy Deployment in Rural Communities
Climate Finance
Prysmian
lululemon
Kurt Kelty
Tanzania
Australian Employer Gender Pay Gap Report Exposes Top Companies
Green Hydrogen
Waste-to-Energy
bca
Nokia announced that it has committed to reducing its total global greenhouse gas emissions (GHG) to net zero by 2040, accelerating its previous target by ten years,
Transport Fund
carbon capture
Stellantis
Cepsa
Carbon Tariff
Zalando
SEC Climate Rule by March?
Energy Transition
DHL Group and ICC to Share Sustainable Trade Insights at WTO Conference
FedEx
walmart
black cab
Greenomy
Green Transition
Air Quality
Study- Majority of UK pension providers have 'inadequate' climate action
SHEIN Advances Supply Chain Sustainability with $70 Million Supplier Empowerment Program
Raman Venkatesh
","session_id":"ep-sess-1761102683-QI53yoZ2","page_url":"https:\/\/esgnews.com\/marsh-clients-can-now-pay-fees-using-carbon-credits-and-renewable-energy-certificates\/","post_id":"15171","tracking_enabled":"1","original_referrer":"","has_embedded_content":""}; /* ]]> */