The Co-operators released a Climate Commitment, alongside the UN Environment Programme Finance Initiative's (UNEP FI) biennial Global Roundtable taking place this week in Paris, France. The commitment outlines actions the organization will take to address climate-related risk and seize opportunities presented by the low-carbon economy.
The commitment comes amid increasing global urgency to address climate change, most notably following a special report of the Intergovernmental Panel on Climate Change suggesting human-caused greenhouse gas emissions need to be reduced by 40% by 2030 and 100% by 2050 to avoid surpassing 1.5 degrees C of warming. Such targets will require bold, accelerated and coordinated action from government, businesses, and communities.
"As risk experts, we have an important role to play in helping Canadians address, mitigate and adapt to the accelerating impacts of climate-related risk," says Rob Wesseling, president and CEO of The Co-operators. "Today, we're sharing our intent to proactively and measurably demonstrate the ways in which we can do our part to address this critical issue and inspire others to follow suit."
The Co-operators has been embedding sustainability into its decision-making, operations, governance products and services since 2008. Today's announcement marks another milestone in the organizations' efforts to catalyze sustainability and the low-carbon economy in Canada and internationally.
Climate Commitment Highlights:
• The Co-operators is committed to becoming carbon neutral equivalent by 2020 and has reduced its net carbon emissions by 81% from 2010 levels, through a mix of absolute reductions and offsets.
• The Co-operators supports and is systematically adopting the recommendations of the Financial Stability Board's Task Force on Climate-related Financial Disclosures, including disclosures of climate change governance, strategy and risk management practices. The organization recently participated in a 2018 UNEP Finance Initiative's Principles for Sustainable Insurance pilot to share its best practices to develop a consistent model that can be applied across the industry.
• The Co-operators is investing 12.3% of its $1.16 billion* in invested assets into impact investments that measurably address the world's most pressing environmental and social challenges. Over 86% of this has been invested in projects or initiatives to address climate change. *As of September 30, 2018.