Today’s approach to corporate sustainability reaches beyond the environment

Across a nearly 600-acre field in West Baton Rouge Parish, sits Louisiana’s largest solar array, a facility that generates 50 megawatts (MW) of renewable electricity, enough to power 9,600 homes daily and offset the emissions of 19,000 passenger vehicles annually. In neighboring Texas, more than 46 MW of electricity are being generated at four similar solar farms.

While both states are synonymous with the oil and gas industry, clean energy is being generated at solar farms in each thanks to investment from Columbus, Ohio-based Nationwide. In 2020 alone, the insurance and financial services provider made substantial investments in 269 MW of solar power generation in Louisiana, Texas and North Carolina, all part of the Fortune 100 company’s commitment to sustainability efforts.

Worldwide, organizations big and small are being prompted to catalog and justify how their actions impact the environment and local communities. But every organization’s approach may differ, based on their business focus, stakeholder base and geographic footprint. For a company like Nationwide, its approach is unique, says Phil Renaud, a risk management expert.

“As a privately held mutual insurance company, Nationwide is carving out an innovative approach to sustainability that differentiates it from publicly traded companies,” said Renaud, executive director of the Risk Institute at The Ohio State University Fisher College of Business, an organization focused on effective risk management strategies. “While traditional approaches to environment, social and governance (ESG) issues have been driven primarily through the public company filter, Nationwide's doing something unique. Its corporate sustainability approach may help set the pattern for how privately held firms are measured and held accountable long-term.”

Nationwide’s corporate sustainability reaches beyond environmental efforts, says Jayme Smoot, the company’s vice president of corporate sustainability, and includes its long track record as a good corporate partner.

“When we began looking at how we wanted to approach ESG, we were surprised, and yet very proud, of all the things we were already doing to be a force for good,” said Smoot. “What were we doing to make a difference in the communities where we live and work? What were we doing to build a diverse, equitable and inclusive workforce? What were we doing to make sure we operate ethically and with integrity? We realized that all of these things, as well as what we do to reduce our impact on the environment, shape how we approach sustainability.”

Nationwide pursues corporate sustainability beyond environmental initiatives through partnerships with community organizations via the company’s charitable giving arm, The Nationwide Foundation. Since 2000, the Foundation has contributed more than $550 million to nonprofits to help meet crucial needs.

“The Nationwide Foundation provides more than the financial support and resources that we need to get things done,” said Michelle Heritage, executive director of the Community Shelter Board, a nonprofit that leads a coordinated effort in Columbus and Franklin County, Ohio, to combat homelessness. “Many of the innovative things that we’ve been able to do are with the Nationwide Foundation at the table. They want to know how things are done because they want to know what works here in central Ohio and take those learnings to other communities.”

Nationwide’s corporate sustainability principles stress robust investment in community giving initiatives and partnerships. Nationwide and the Nationwide Foundation maintain long-standing relationships with the United Way, the American Red Cross and Feeding America, along with a unique partnership with Nationwide Children's Hospital. Since 2006, the Nationwide Foundation has contributed $130 million to the hospital to ensure children have access to quality medical care, regardless of a family’s ability to pay, as well as funding life-saving pediatric research and discoveries.

Smoot’s advice for organizations considering how they can lean into ESG?

“Don’t discount what you’re already doing,” Smoot said. “While we know there is so much more we can and will do, assessing what we were already doing was a critical first step to developing a meaningful long-term sustainability strategy rather than just reacting to concerns in the marketplace.”

From the perspective of Renaud at the OSU Risk Institute, Nationwide’s corporate sustainability initiatives are an example of how doing good has multiple benefits.

“They’re tipping their hat to the reality that being a responsible corporate citizen is good for stakeholders, good for the community, good for the environment and good for business long term.”

To learn more about Nationwide’s corporate sustainability efforts, download the company's most recent corporate sustainability report.