Definity Financial Corporation announced its commitment to achieve net zero emissions for both its operations and investments by 2040 or sooner.
The multi-channel property and casualty insurer established interim targets to chart its progress against the objective of net zero emissions from operations by 2040, inclusive of all Scope 1 and Scope 2 emissions. Definity will take an active approach to reduce the carbon intensity resulting from the day-to-day business, including natural gas and electricity consumption in buildings, fleet vehicles and more. The interim targets are the following: 30% by 2025 and 50% by 2030 relative to a 2019 baseline.
The company is also aiming for net zero emissions from investments by 2040, including the following:
- Inclusive of emissions associated with listed equities and corporate bonds
- Future guidance for measuring and reporting financed emissions of these and other relevant asset classes is intended to be adopted as appropriate
- Take an investment approach to reduce the GHG intensity of the portfolio while seeking to maximize risk-adjusted returns
- Interim targets: 30% by 2025 and 65% by 2030 on an intensity basis, relative to 2020 baseline
Definity’s enterprise climate change commitment and strategy includes the following priorities:
- Offering insurance products and services that help reduce the impacts of climate change on our clients and communities
- Identifying and managing climate-related risks across the enterprise
- Reducing the direct climate impacts of our operations
- Managing climate-related risks and opportunities for our investments
- Disclosing progress in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)
“We know the real consequences of climate change for Canadians,” said Rowan Saunders, President and CEO of Definity in a statement. “In our business as a leading property and casualty insurer, we come face-to-face with its increasingly frequent and severe impacts. We have a responsibility to address our own contributions to climate change so that we can continue to serve Canadians with integrity and accountability.”
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