Voya Financial is a leading provider of retirement, investment, and insurance solutions in the United States. The company was founded in 1991 as ING U.S. and rebranded as Voya Financial in 2014. Voya Financial operates in the Life Insurance Premiums sector, offering a range of life insurance products and services to individuals and businesses.
Voya Financial is committed to sustainability and decarbonisation. The company has set ambitious goals to reduce its carbon footprint and transition to renewable energy sources. In 2019, Voya Financial joined the RE100 initiative, pledging to source 100% of its electricity from renewable sources by 2050. The company has also committed to reducing its greenhouse gas emissions by 50% by 2030, compared to a 2018 baseline.
To achieve these goals, Voya Financial is implementing a range of initiatives to reduce its energy consumption and increase its use of renewable energy. The company is investing in energy-efficient technologies and practices, such as LED lighting, smart building controls, and energy-efficient HVAC systems. Voya Financial is also exploring the use of corporate power purchase agreements (PPAs) to source renewable energy directly from wind and solar farms.
Corporate PPAs are a popular way for companies to support the development of renewable energy projects and reduce their carbon footprint. Under a corporate PPA, a company agrees to purchase a certain amount of electricity from a renewable energy project, such as a wind or solar farm, for a fixed period of time. The company benefits from a stable, long-term source of renewable energy, while the renewable energy project benefits from a guaranteed buyer for its electricity.
Voya Financial has already signed several corporate PPAs to support the development of renewable energy projects. In 2020, the company signed a 10-year agreement to purchase 112 MW of wind energy from the Redbed Plains Wind Farm in Oklahoma. The wind energy will power Voya Financial's operations in Texas, where the company has a significant presence. Voya Financial has also signed a 20-year agreement to purchase 50 MW of solar energy from a solar farm in North Carolina.
In addition to its commitment to renewable energy, Voya Financial is also focused on reducing its overall energy consumption and improving the efficiency of its operations. The company has implemented a range of energy-saving measures, such as upgrading its lighting systems, installing energy-efficient HVAC systems, and implementing smart building controls. Voya Financial is also working to reduce the energy consumption of its data centers, which are a significant source of energy use for the company.
Voya Financial's commitment to sustainability and decarbonisation is driven by a recognition of the urgent need to address climate change and the role that businesses can play in reducing greenhouse gas emissions. The company has set ambitious goals to reduce its carbon footprint and transition to renewable energy sources, and is implementing a range of initiatives to achieve these goals. By investing in energy-efficient technologies and practices, and sourcing renewable energy through corporate PPAs, Voya Financial is demonstrating its commitment to a sustainable future.