Voya Financial

At a Glance

Industry

Financial Services and Insurance

Project Types

Data Analysis, Goals/Targets, Sustainability and Energy Management Strategy

Year

2024

Location

Windsor, CT

Summary

Chinedu Nsude joined the enterprise ESG team at Voya Financial, where he analyzed and (re)calculated GHG emissions across all Scopes (1, 2, & 3) categories, helped identify potential GHG emission reduction targets, and recommended strategies for reducing these emissions by 2030 and 2050.

Goals

During the Climate Corps fellowship, Chinedu worked on potential climate and decarbonization strategies for Voya Financial Inc., aimed at maturing Voya's decarbonization operation and overall climate commitment goals. The project also aims to assess the feasibility of setting a science-based target that aligns with the latest climate goals of 2°C or below, using Voya's current greenhouse gas (GHG) emission data.

Solutions

Chinedu approached the project using a three-part process. -Operational Data Gathering for all Voya activities and Emission Sources: Chinedu analyzed all environmental metrics and variables, (re)calculated the greenhouse gas (GHG) equivalence using standard methods from the GHG protocol and the United States Environmental Protection Agency (USEPA) and documented his process for potential future use. These variables/metrics cut across energy, waste, and travel. -Setting a Science-Based Target Initiative (SBTI) for Voya Financial using cooperate model tools: In this approach, Chinedu performed an SBTi modeling to create and validate potential GHG reduction targets that aligned with the global climate science of 2°C or below using the SBTi corporate near-term tool to model reduction over the next 5-10 years and SBTi Net-zero tool to model emission reduction by 2050 across all scopes. -Potential Decarbonization Strategies/Pathway for Voya: Finally, Chinedu developed and recommended decarbonization strategies that potentially could help Voya reduce its carbon footprint/emissions.

Potential Impact

This project gave a clear understanding of GHG emissions measurement and calculations across all Scopes, which can be replicated in subsequent years. Secondly, the SBTi model provided an explicit knowledge of GHG reduction patterns in the near and long term. Finally, the decarbonization strategies, when implemented, have the potential to help Voya reduce its GHG by 40% across Scope 1 and 2 by 2030 and potentially achieve net zero by 2050.

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