Canadian-based insurance and investment cooperative The Co-operators Group announced today a series of net-zero targets aimed at achieving a net-zero transition, encompassing the company’s operations and investments by 2040 and 2050 respectively. The company, which has $57.8 billion in assets under management, stated that it will invest 60% of its invested assets into impact investments, or those that support the transition to a sustainable, resilient, low-emissions society, by 2030.
Rob Wesseling, President, and CEO of The Co-operators, said:
“There is no question that collectively, we must significantly reduce our emissions to mitigate the increasing risks and impacts of our changing climate. As a purpose-driven organization, The Co-operators has historically embraced our role to embed sustainability into all our investment and operational decisions. Today, our climate targets further reflect our intention to use our financial and co-operative strength to lead positive change toward a net-zero-emissions future.”
The new sustainability initiatives include 45% reductions in Scope 1, 2, and 3 emissions by 2030 and a target to reach net-zero by 2040.
On the investment front, the company is planning on reducing emissions of its investments by 20% by 2026 and having a net-zero investment portfolio by 2050. By the end of the decade, the company is also aiming at investing 60% of its total invested assets in investments that support the transition to net-zero. Co-operators has already invested $2.45 billion into impact investments including renewable energy projects, green bonds, and good security projects through its asset management company Addenda Capital.
According to the company, new interim targets will be set every four years, with progress towards its investment goals reported annually.
Karen Higgins, Chief Financial Officer of The Co-operators, said:
“Fundamental to our mission of providing financial security for Canadians and our communities is ensuring that we help protect the long-term health, sustainability, and well-being of the planet and the societies that it supports. Setting these targets and joining the Net-Zero Asset Owner Alliance are natural extensions of our co-operative identity and are crucial to maintaining the financial strength of our organization, our sector, and our economy.”