Energy Efficiency, GHG Emissions  -  March 15, 2022

Definity Financial Sets 2040 Goals

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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