In 2023, Voya Financial completed a corporate carbon footprint assessment and publicly disclosed its greenhouse gas (GHG) emissions according to the GHG Protocol, covering Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from purchased energy) and Scope 3 (indirect emissions across the value chain).
Voya Financial has also provided a category-level breakdown for 2 out of 15 Scope 3 emissions categories, offering greater transparency into its value chain emissions.
| Metric (tCO2e) | 2023 | 2022 | 2021 | 2020-2019 |
|---|---|---|---|---|
Total Scope 1 | 1,359a | 1,328a | 1,034a | |
Total Scope 2 | ||||
Market-Based | 0a | N/A | N/A | |
Location-Based | 4,909a | 4,893a | 6,181a | |
Total Scope 3 | 4,057a | 2,626a | 616a | |
Total Scope 1 Revenue Intensity (tCO2e/$M) | 0.1884a | 0.2285a | 0.2852a |
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In 2023, the total operational greenhouse gas (GHG) emissions of Voya Financial amounted to 6,268 metric tons of CO2 equivalent. This figure includes both direct emissions from owned or controlled sources (Scope 1) and indirect emissions from purchased energy (Scope 2).a
Compared to 2022, the total operational greenhouse gas (GHG) emissions of Voya Financial increased by 0.76%, suggesting that the company faced challenges in reducing its emissions from its core operations.a
In 2023, the total Scope 1 emissions of Voya Financial were 1,359 metric tons of CO₂ equivalent (tCO₂e).a
Since 2019, Voya Financial's Scope 1 emissions have increased by 18.59%, reflecting a rising long-term trend in Scope 1 emissions over time.a
Compared to the previous year (2022), Voya Financial's Scope 1 emissions increased by 2.33%, suggesting that the company faced challenges in reducing emissions from its directly owned or controlled operations.a
In 2023, Voya Financial reported Scope 2 greenhouse gas (GHG) emissions of 0 tCO₂e using the market-based method and 4,909 tCO₂e using the location-based method.a
Since 2019, Voya Financial's Scope 2 greenhouse gas (GHG) emissions (Location-Based) have decreased by 67.29%, reflecting a declining long-term trend in Scope 2 emissions over time.a
Compared to the previous year (2022), Voya Financial's Scope 2 emissions (Location-Based) have remained relatively stable, indicating that Voya Financial's emissions have plateaued with no significant change in its energy consumption footprint.a
In 2023, Voya Financial reported its Scope 2 emissions using the market-based method and using the location-based method.a
In 2023, Voya Financial reported 4,057 metric tons of CO₂ equivalent (tCO₂e) of Scope 3 greenhouse gas (GHG) emissions, representing indirect emissions across its upstream and downstream value chain.a
The 2023 disclosure of Voya Financial includes a breakdown across 2 of the 15 Scope 3 categories defined by the GHG Protocol, up from 0 in 2022, reflecting improved emissions accounting practices and greater transparency across the company's value chaina
In 2023, Voya Financial reported total Scope 3 emissions of 4,057 metric tons of CO₂ equivalent (tCO₂e).a
Approximately 100% of these emissions originated from upstream activities such as purchased goods and capital goods, while 0% came from downstream activities like product use, distribution, and end-of-life treatment.a
Since 2019, Voya Financial's Scope 3 emissions have decreased by 42.1%, reflecting a declining long-term trend in Scope 3 emissions over time.a
Compared to the previous year (2022), Voya Financial's Scope 3 emissions increased by 54.49%, suggesting that the company faced challenges in reducing emissions across its value chain.a
In 2023, Voya Financial reported emissions for 2 out of the 15 Scope 3 categories defined by the GHG Protocol.a
The limited disclosure restricts visibility into specific emission sources across the company's value chain.
In 2023, the largest contributors to Voya Financial's Scope 3 emissions were:a
In 2023, Voya Financial reported Scope 1 greenhouse gas (GHG) emissions of 1,359 tCO₂e and total revenues of USD 7,213 millions. This translates into an emissions intensity of 0.19 tCO₂e per millions USD.a
In 2023, Voya Financial reported a Scope 1 emissions intensity of 0.19 tCO₂e per millions USD. Compared to the peer group median of 0.28, this places the company below its industry benchmark, indicating it is more carbon-efficient than most competitors.a
In 2023, Voya Financial ranked 11 out of 23 companies in its industry peer group, based on Scope 1 emissions intensity (measured in tCO₂e per millions USD).a
Voya Financial is therefore positioned in the mid-range of its industry, neither a clear leader nor a laggard in carbon efficiency.a
In 2023, Voya Financial reported a total carbon footprint of 10,325 metric tons of CO₂ equivalent (tCO₂e) across Scope 1, Scope 2, and Scope 3 emissions. This represents a 16.71% increase compared to 2022, suggesting a rise in emissions across its operations or value chain.a
The largest contributor to Voya Financial's total carbon footprint was Scope 2 emissions, accounting for 47.54% of the company's total carbon footprint, followed by Scope 3 emissions at 39.29%.a