Insurance and financial services company MetLife announced today a new commitment to originate $500 million in new impact investments by 2030. According to the company, 25% of the commitment will be allocated to addressing climate change, while investments will also focus on promoting the financial health of underserved people, which includes advancing racial and gender equity in low-income and ethnically diverse communities.

MetLife President and CEO Michel Khalaf, said:

“As a global insurer and purpose-driven company, we strive to create a more confident and sustainable future for all of our stakeholders. Building on our 153-year legacy of creating financial security, we are strengthening our commitments to the environment and climate, equity and inclusivity, health and well-being, and economic growth for disadvantaged communities.”

The impact investment pledge was made along with the release of MetLife’s annual Sustainability Report, highlighting the company’s progress in its ESG efforts and initiatives. The report outlines some of MetLife’s recent investments, which include an equity commitment with racial equity and bias reduction training-focused investor Illumen Capital, as well as a commitment to Incusiv Southern Equity Fund to invest capital in credit unions serving low-income and racially and ethnically diverse communities.

Today’s announcement follows a recent commitment by the company to originate $20 billion in new green investments through MetLife Investment Management (MIM) by 2030.

MetLife Chief Sustainability Officer Jon Richter, said:

“We believe sustainability must be central to our business strategy and a guiding force behind every aspect of our operations. The full scope of our people, products and services, investments, and community efforts help us serve as a force for good in the world.”