Intact Financial Corporation announces five-part climate transition plan
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