Toronto-based global financial services provider Manulife announced today a series of commitments aimed at achieving a net zero transition, encompassing the company’s operations and investments as well as its products and services. Manulife stated that it has committed to the Science Based Targets initiative to guide the Company’s target setting, measurement, and progress reporting.
Manulife also announced today that it will update the sustainability aspects of its senior executive performance goals, adding the company’s climate goals to its current considerations of diversity, equity, and inclusion, employee engagement, and leadership accountability.
Roy Gori, President and CEO, Manulife, said:
“Through the commitments we’ve set out today, we are accelerating work to reduce our own emissions and build a portfolio of climate-smart investments. In making clear commitments on climate, we are setting a robust plan for our operations and our own investments. We are actively developing innovative products and services designed to contribute towards the urgent, global fight against climate change.”
Manulife’s new climate goals include reducing the emissions footprint of operations, working towards net zero emissions in investments, and offering sustainable investing options to clients. In its own operations, Manulife has already achieved net zero, and has now committed to a 35% reduction in Scope 1 and 2 emissions by 2035, through initiatives including enhanced efficiency measures, fuel switching, and use of onsite renewables.
On the investment front, Manulife announced a commitment to target net zero portfolio emissions by 2050. The company will establish near-term emissions targets, with an initial focus on heavy-emitting sectors. The company also plans to continue growing its green investments portfolio, in areas including renewable energy and energy-efficient real estate.
In its products and services, Manulife pledged scale the integration of ESG, and to develop solutions aimed at contributing to climate change mitigation and resilience.
Sarah Chapman, Global Chief Sustainability Officer, Manulife, said:
“Our approach is centered on two core principles. First, that there is an immediate need to take action on climate change today; and second, that our actions result in real change versus create the perception of change. Accelerated decarbonization of Manulife’s portfolio is a top priority for achieving our 2050 ambition.”