Intact commits to net zero by 2050 while investing $8 million in nature-based solutions with Nature Conservancy of Canada
April 29, 2022 – 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 adaptation projects and nature-based solutions in Canada, the U.S. and the U.K. to help people adapt to extreme weather caused by climate change;
- shaping climate-friendly behaviour among customers through levers such as incentives, new products and education;
- enabling the transformation of businesses and industries key to the transition and supporting new industries that will be created, in order 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.”
Achieving net zero across Intact’s global footprint
Intact’s net zero commitment will focus on halving greenhouse gas (GHG emissions) across its operations around the world by 2030 with a plan that 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 as GHG emissions standards 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 will be available at intactfc.com.
Investing in climate adaptation and resilience
To support its 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.”
Helping to shape and enable a sustainable future together
With its expertise in adaptation and risk management, Intact is well-positioned to leverage its strengths and platforms to help people, businesses and society adopt climate-friendly behaviours and de-risk the transition to a low-carbon future. A few examples of Intact’s climate initiatives that will help shape and enable a sustainable future include:
- The next evolution of Intact’s leading mobile apps and its usage-based insurance (UBI) programs will also include personalized insights to help customers manage their ecological footprint.
- 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 help customers and society 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.
- Intact will scale up climate knowledge among its 26,000 employees internationally to deliver on its climate priorities and action plans.
Collaborating to accelerate climate action
Intact will continue to support government and industry in developing impactful climate actions 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 and Europe 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
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