Intact commits to net zero by 2050 while
investing $8 million in nature-based
solutions with The Nature Conservancy of Canada
TORONTO, April 14,
2022 /CNW/ - Intact Financial Corporation (TSX: IFC)
today released its five-part climate transition plan. The plan sets
targets for its Canadian, U.S. and European businesses, including
RSA Group, which it acquired in 2021.
Globally, the five-part transition plan includes:
- a commitment to achieve net zero by 2050 in line with the Paris
Agreement and an interim goal to halve emissions from its
operations by 2030 using 2019 data as a baseline;
- doubling down on helping people adapt to the extreme weather
impacts of climate change in Canada, the U.S. and the U.K.;
- shaping climate-friendly behaviour among customers by
incentivizing green behaviour, creating and scaling green products,
and providing information and education;
- enabling the transformation of businesses and industries key to
the transition and supporting new industries that will be created
to build a sustainable future; and
- collaborating with governments and industry to accelerate
climate action.
"We've been on the frontlines of climate change with our
customers for more than a decade, helping them recover from the
devastating impacts of extreme weather," said Charles Brindamour, CEO, Intact Financial
Corporation. "As we expand our scope more broadly toward climate
transition, we will build off Intact's leadership in adaptation and
RSA's established carbon reduction targets. We are committed to
taking an inclusionary approach to supporting our partners and
customers, and we will leverage our strengths to help de-risk the
transition towards a sustainable future."
Committing to net zero by 2050 and
halving operations emissions by 2030
Intact's net zero commitment will focus on halving greenhouse
gas (GHG) emissions across its global footprint by 2030.The plan
includes reduction initiatives such as electrifying its fleet of
vehicles, increasing renewable energy use in company offices and
reducing corporate travel.
Intact aims to achieve net zero emissions overall by 2050, to
align with the Paris Agreement and is committed to setting
near-term targets and refining net-zero ambitions as GHG emissions
standards, science and technology, and measurement protocols
continue to develop. All commitments and targets apply to Intact's
global footprint including subsidiaries such as RSA.
Recognized as a leader in financial disclosure, Intact will
apply its leading practices to the measurement of GHG emissions, as
well as transparency around its climate actions. Intact tracks its
climate resilient actions in its annual Social Impact Report. The
2021 report is now available at intactfc.com.
Doubling down on helping people adapt
to climate change
This includes helping the most vulnerable communities build
resiliency, investing in natural infrastructure and scaling up
restoration services to address the increasing impacts of severe
weather.
To support these goals, Intact is pleased to announce a new
partnership with The Nature Conservancy of Canada (NCC), the country's leader in
accelerating the conservation and stewardship of nature to deliver
long-lasting results of global significance. Intact will invest
$8 million in a five-year partnership
to:
- conserve and restore more of Canada's threatened wetlands, which are
critically important carbon sinks and provide communities with
natural defence in the face of climate change;
- undertake a process to develop a made-in-Canada protocol for wetland-based carbon
offsets, which will be made available for use by international
standards bodies; and
- translate the protocol into a sustainable finance tool for use
in Canada.
"We applaud Intact's commitment to net zero and its visionary
investment in wetlands conservation in Canada, where nearly one quarter of the
world's remaining wetlands are found," says Catherine Grenier, President and CEO of The
Nature Conservancy of Canada. "The
innovative tools we will develop through this partnership will
drive and support nature-based solutions in Canada and elsewhere in the world."
Intact will also increase its investments to support climate
projects. This builds on 10 years of investment in climate
adaptation projects. The new funding will be used to:
- increase funding for its signature partnership with the Intact
Centre on Climate Adaptation to $10.5
million over 10 years, which will include collaborating with
NCC on resiliency projects;
- establish new climate resilience partnerships in Canada, the U.S. and the U.K.; and
- accelerate local solutions for communities that are most
vulnerable to climate impacts.
"We've been privileged to partner with Intact over many years –
together, we've developed and mobilized climate adaptation
solutions benefitting homeowners, communities and businesses," says
Dr. Blair Feltmate, Head of the
Intact Centre on Climate Adaptation, University of Waterloo. "As we continue to focus on
adaptation, we look forward to working with NCC to build
Canada's climate resiliency
through the retention and restoration of natural
infrastructure."
Leveraging Intact's platform to shape
customer behaviour
With its expertise in adaptation and risk management, Intact is
well-positioned to leverage its strengths, scale and platforms to
help customers adopt climate-friendly behaviours. A few examples of
Intact's climate initiatives that will help shape customer
behaviour include:
- Utilizing competitive advantages in pricing, underwriting and
data to incentivize green behaviour, and create and scale green
products.
- Sourcing and adopting clean materials in claims and supply
chain.
- Intact will scale up climate knowledge among its 26,000
employees internationally to educate and work with customers and
brokers to deliver on its climate priorities and action plans.
Enabling the transformation by
supporting existing and new industries that are key to the
transition
Intact can play an active role in de-risking existing and new
industries that can make a difference in building a sustainable
future. Examples of this include:
- Creating and adapting specialty lines and commercial lines
products and solutions that will enable the transition of existing
industries and support burgeoning clean technologies.
- Building on Intact's climate modelling expertise, lntact is
bringing together its existing weather specialists, geomaticians,
data scientists and actuaries to form a Climate Modelling Centre of
Excellence to enhance predictive models that will anticipate
evolving climate-related impacts.
- As a founding signatory of the industry-led Climate Engagement
Canada, Intact Investment Management is engaging with top emitters
to reduce their impact.
- Through Intact Ventures, Intact will accelerate efforts to
invest in climate tech that will enable the transition to a lower
carbon world.
Collaborating with governments and
industry to influence and accelerate climate action
Intact will continue to support government and industry in
developing impactful climate solutions that will accelerate the
transition. Intact's track record of providing expertise to
industry and governments on climate change includes the Canadian
federal government's Disaster Resilience & Security Advisory
Table, the Sustainable Finance Action Council, the National Flood
Insurance Task Forces, ClimateWise and the Climate Financial Risk
Forum in the U.K. through RSA.
About Intact Financial
Corporation
Intact Financial Corporation (TSX: IFC) is the largest provider
of property and casualty (P&C) insurance in Canada, a leading provider of global specialty
insurance, and, with RSA, a leader in the U.K. and Ireland. Our business has grown organically
and through acquisitions to over $20
billion of total annual premiums.
In Canada, Intact distributes
insurance under the Intact Insurance brand through a wide network
of brokers, including its wholly-owned subsidiary BrokerLink, and
directly to consumers through belairdirect. Intact also provides
affinity insurance solutions through the Johnson Affinity
Groups.
In the U.S., Intact Insurance Specialty Solutions provides a
range of specialty insurance products and services through
independent agencies, regional and national brokers, and
wholesalers and managing general agencies.
Outside of North America, the
Company provides personal, commercial and specialty insurance
solutions across the U.K., Ireland, Europe and the Middle East through the RSA brands.
About The Nature Conservancy of
Canada
The Nature Conservancy of Canada (NCC) is the country's unifying force
for nature. NCC seeks solutions to the twin crises of rapid
biodiversity loss and climate change through large-scale, permanent
land conservation. As a trusted partner, NCC works with people,
communities, businesses, and government to protect and care for our
most important natural areas. Since 1962, NCC has brought Canadians
together to conserve and restore more than 15 million hectares. NCC
is a registered charity. With nature, NCC builds a thriving world.
To learn more, visit natureconservancy.ca
About The Intact Centre on Climate
Adaptation
The Intact Centre on Climate Adaptation (Intact Centre) is an
applied research centre at the University of
Waterloo. The Intact Centre was founded in 2015 with a gift
from Intact Financial Corporation, Canada's largest property and casualty
insurer. The Intact Centre helps homeowners, communities and
businesses to reduce risks associated with climate change and
extreme weather events. For additional information, visit:
www.intactcentreclimateadaptation.ca
SOURCE Intact Financial Corporation