Press release
Principal® achieves sustainability goals in newly released report
DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group® has met or exceeded its multi-year sustainability goals according to findings in the 2023
About this update from Principal Financial Group Inc
[{"type":"text","content":" DES MOINES, Iowa--(BUSINESS WIRE)--\nPrincipal Financial Group® has met or exceeded its multi-year sustainability goals according to findings in the 2023 Sustainability Report released today.\n\n\nThe 2023 Sustainability Report from Principal details progress made on corporate responsibility commitments focused on employee empowerment, financial inclusion, climate impact, and sustainable investing. These commitments, established in 2021, support the company’s focus on growing a resilient, inclusive, and more financially secure society.\n\n\nNotable progress outlined in the report includes:\n\n\n\nPrincipal doubles the number of diverse small and midsized businesses (SMBs) served. In 2021, together with Principal® Foundation, Principal made this commitment with a goal of supporting more than 14,600 diverse SMBs and entrepreneurs by 2025. This goal was exceeded in 2023 with 14,745 of these companies served. Principal has set a new goal to triple the number of diverse SMBs it supports totaling 30,000 SMBs by 2025.\n\n\n\nPrincipal® Foundation invested $18 million in 2023. Over the past three years, Principal Foundation has invested $51 million to help ensure access to essential needs, develop pathways toward economic mobility and support financial enablement and development, with a focus on entrepreneurs, small businesses, and diverse populations.\n\n\n\nPrincipal achieves annual Global People Inclusion Index* (GPII) goal with a score of 82%. This proprietary Inclusion Index measures sentiments of its nearly 20,000 global employees related to culture and empowerment. In 2023, the goal was 80% and the company is increasing this goal to 82% in 2024 based on past performance and a desire for continuous improvement.\n\n\n\nPrincipal continues to meet greenhouse gas (GHG) emission goals, averaging a 11.5% reduction each year since 2019.** The company is on track to reach its long-term goal of achieving a 65% reduction in global scope 1 and scope 2 market-based GHG emissions by 2034. The glide path goal averages to a 4.3% reduction per year, which Principal achieved in 2023 through meaningful decreases in emissions in the U.S. and globally.\n\n\n\nContinued growth in the firm’s assets under management representing sustainable investing options. Principal investment teams increased assets under management internally classified as sustain...