An increasingly market-driven approach
QUEBEC CITY, Dec. 14, 2023 /CNW/ - iA Financial Group is pleased to announce its new greenhouse gas (GHG) reduction targets, which were set using 2022 as a baseline.
Below are the company's new targets, which are twofold:
60% reduction in GHG emission intensity from our Canadian real estate holdings by 2035
In Canada, iA Financial Group's real estate holdings comprise 35 buildings, primarily located in Quebec City, Montreal, Toronto and Vancouver.
The carbon intensity of an asset corresponds to the tons of CO2 equivalent emitted by square meter of a building.
As a major property owner, iA Financial Group measures its environmental performance based on stringent industry standards. This allows us to provide our employees and tenants with workspaces that meet the highest quality standards, thereby promoting individual health and wellbeing.
Our GHG reduction target was set based on the recognized criteria of the Carbon Risk Real Estate Monitor (CRREM). These allow companies in the real estate sector to develop their sustainable development strategy by taking stock of their GHG emissions with a view to limiting global warming to 1.5 or even 2°C.
Our assessments indicate that in 2022, this real estate portfolio emitted nearly 10,000 tons of CO2 equivalent.
40% reduction in carbon intensity of our public corporate bond portfolio by 2035
The portion of public corporate bonds subject to the commitment to decarbonization currently represents investments of around $13.5 billion.
The carbon intensity of an emitter corresponds to the tons of CO2 equivalent emitted by a company per million dollars of annual revenue. The portfolio's carbon intensity is the weighted average of the carbon intensity of each company in the portfolio, each weighted by the value of the investment in that company.
Our assessments show that in 2022, nearly 460,000 tons of CO2 equivalent were allocated to this investment portfolio. This data will, however, be reassessed in early 2024 and confirmed in our next Sustainability Report, i.e., for 2023.
Developments in the market and in knowledge of GHG quantification have led us to revise the first target we set in 2020 - to reduce our GHGs by 20% per employee by 2025, based on the 2019 reference year - and replace it with new, more precise targets.
"These new targets bring our climate strategy more in line with best market practices and are an important step towards our ambition to be among the best in our industry in the future when it comes to fighting climate change in North America," says Marie-Annick Bonneau, Vice-President, Investor Relations, Capital Management, Sustainability and Public Affairs at iA Financial Group. It is with this objective in mind, and also to keep pace with the international scientific advances on which the net-zero emissions movement by 2050 is based, that we were keen to revise our climate strategy now, with targets that are both rigorous and ambitious."
"iA Financial Group continues to pursue its decarbonization efforts. For several years, we have been calculating GHG emissions from our Canadian real estate portfolio. In 2022, we expanded this scope by accounting for a portion of our financed emissions for the first time. This year, we focused on analyzing this portfolio, with the aim of establishing a GHG reduction plan aligned with this approach," explains Mégane Mandruzzato, Practice Leader, Sustainability at iA Financial Group. At the same time, the market is evolving rapidly, and we want to remain flexible in our approach. Now, we've set ourselves new targets, more in line with our new reality and that of the market."
Our sustainable development approach
In order to be a company that contributes to sustainable growth and the wellbeing of its clients, employees, partners, investors and communities, iA Financial Group has made sustainable development a priority. To guide our achievements, we incorporate environmental, social and governance factors into our operations, as attested by our use of the iA Sustainable pictogram.
This document contains statements relating to strategies used by iA Financial Group or statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may", "will", "could", "should", "would", "suspect", "expect", "anticipate", "intend", "plan", "believe", "estimate", and "continue" (or the negative thereof), as well as words such as "target", "objective", "goal", "guidance", "outlook" and "forecast", or other similar words or expressions. Such statements constitute forward-looking statements within the meaning of securities laws. In this document, forward-looking statements include, but are not limited to, information concerning iA Financial Group's GHG reduction targets. These statements are not historical facts; they represent only expectations, estimates and projections regarding future events and are subject to change. Although iA Financial Group believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. In addition, certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from the predictions, forecasts, projections, objectives, expectations, conclusions and other forward-looking statements expressed or implied in such statements. Moreover, many of the assumptions, standards, metrics and measures used in preparing this report continue to evolve and are based on assumptions considered reasonable at the time of writing, but their accuracy should not be considered guaranteed. Material factors and risks which could cause actual results to differ materially from those projected, many of which are beyond the control of iA Financial Group and the effects of which may be difficult to predict, include: the need for more and higher-quality climate data and for standardization in climate measurement methods, climate conditions and weather events, the need for the active and constant stakeholder participation (including governmental and non-governmental organizations, other financial institutions, businesses and individuals), technological advancements, changing consumer behaviour, variable decarbonization efforts across economies, the need for relevant climate policy on a global scale, challenges of balancing emissions with an orderly and inclusive transition, geopolitical factors that influence global energy needs, our ability to collect and verify data, our ability to implement various initiatives across the business within the set time limits, the risk of not completing the initiatives within the set time limits or at all, or without the results intended or anticipated by iA Financial Group, the compliance of third parties with our policies and procedures and their commitment to us, financial market conditions, our commercial activities, our financial results, our situation and goals, the legal and regulatory environment and regulatory compliance (which may expose us to legal proceedings and regulatory action, the consequences of which could include regulatory restrictions, penalties and fines), and strategic, reputational, legal and regulatory, systemic, competitive and other risks.
iA Financial Group is one of the largest insurance and wealth management groups in Canada. with operations in the United States. Founded in 1892, it is one of the largest publicly traded companies in the country. is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares).
iA Financial Group is a business name and trademark of iA Financial Corporation Inc. and Industrial Alliance Insurance and Financial Services Inc.
SOURCE iA Financial Group
Pierre Picard, Head of Public Affairs, Office: 418-684-5000, ext. 101660, Email: [email protected]
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