WATERLOO, ON, March 15, 2022 /CNW/ - Today, Definity Financial
Corporation ("Definity") (TSX: DFY) is announcing its commitment to
achieve net-zero emissions for both its operations and investments
by 2040 or sooner. The multi-channel property & casualty
insurer is pledging to support the transition to a net-zero future.
To meet its commitment, Definity has established interim targets to
chart its progress against these objectives.
Definity aims to build a better world by helping clients and
communities adapt and thrive. A key element of this purpose is
acknowledging the company's responsibility and defining its role in
addressing the climate crisis. The targets announced today are a
crucial part of Definity's enterprise climate change commitment and
its strategy which sets out the following priorities:
- Offering insurance products and services that help reduce the
impacts of climate change on our clients and communities
- Identifying and managing climate-related risks across the
enterprise
- Reducing the direct climate impacts of our operations
- Managing climate-related risks and opportunities for our
investments
- Advocating for a just and resilient net-zero emissions
future
- Disclosing our progress in alignment with the recommendations
of the Task Force on Climate-related Financial Disclosures
(TCFD)
"We know the real consequences of climate change for Canadians,"
said Rowan Saunders, President and
CEO of Definity. "In our business as a leading property and
casualty insurer, we come face-to-face with its increasingly
frequent and severe impacts. We have a responsibility to address
our own contributions to climate change so that we can continue to
serve Canadians with integrity and accountability."
Definity has established the following targets:
- Net-zero emissions from operations by 2040 or
sooner
-
- Inclusive of all Scope 1 and Scope 2 emissions
- Definity will take an active approach to reducing the carbon
intensity of its day-to-day business, including natural gas and
electricity consumption in buildings, fleet vehicles and more
- Interim targets: -30% by 2025 and -50% by 2030 relative to a
2019 baseline
- Net-zero emissions from investments by 2040 or
sooner
-
- Inclusive of emissions associated with listed equities and
corporate bonds
- Future guidance for measuring and reporting financed emissions
of these and other relevant asset classes is intended to be adopted
as appropriate
- Definity will take an investment approach to reduce the
greenhouse gas intensity of the portfolio while seeking to maximize
risk-adjusted returns
- Interim targets: -30% by 2025 and -65% by 2030 on an intensity
basis, relative to a 2020 baseline
Definity has committed to the Science Based Targets initiative
(SBTi) and will submit its climate targets to SBTi to be validated
in terms of the levels that the latest climate science deems
necessary to limit warming to 1.5°C above pre-Industrial
levels.
Definity encourages other organizations to develop ambitious
strategies aligned to the goals of the Paris Agreement, to halve
their emissions by 2030 and achieve net-zero emissions by 2050.
Definity will continue to develop its underwriting strategy to
support these objectives and will advocate and partner with
counterparties – particularly in emissions intensive sectors – to
achieve these shared goals.
Note: Net-zero refers to reducing human-caused greenhouse gas
emissions as close to zero as possible, with any remaining
emissions to be matched with an equivalent amount of emissions
removed from the atmosphere using technological or nature-based
solutions.
ABOUT DEFINITY FINANCIAL CORPORATION
Definity
Financial Corporation (TSX: DFY) is a multi-channel insurance
company, offering personal and commercial insurance through
Economical Insurance, Sonnet Insurance Company, Petline Insurance
Company, and Family Insurance Solutions Inc.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking information" within
the meaning of applicable securities laws in Canada, which reflects Definity's current
expectations regarding future events, including statements
concerning the approaches to be taken by Definity in relation to
operations and investments with a view to achieving net-zero
emissions and the timing thereof; Definity's interim targets;
Definity's aims to build a better world by helping clients and
communities adapt and thrive; priorities to be pursued further
to its enterprise climate change strategy; its intention to adopt
future guidance for measuring and reporting financed emissions, as
appropriate; submitting its climate targets to SBTi; and its
anticipated path for progression towards achieving its commitment
to achieve net-zero emissions for its operations and investments,
as described in this news release. In addition, any statements that
refer to expectations, intentions, projections or other
characterizations of future events or circumstances contain
forward-looking information. Forward-looking information is based
on a number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond Definity's control. Such
risks and uncertainties include: Definity's actual fulfilment of
its commitment to achieve net-zero emissions for both its
operations and investments by 2040 or sooner, as well as Definity
meeting its related interim targets; Definity's ability to
successfully implement the approaches to be taken in relation to
operations and investments with a view to achieving net-zero
emissions; Definity's ability to pursue the priorities of its
enterprise climate change strategy, as well as its ability to
achieve the objectives of that strategy; the suitability for
Definity and its business of future guidance for measuring and
reporting financed emissions; and other risks and uncertainties
impacting Definity's business, as described in greater detail in
"11 – Risk Management and Corporate Governance" of Definity's
Q4-2021 Management's Discussion and Analysis dated February 10, 2022 as filed on SEDAR. Actual
results could differ materially from those projected herein.
Definity does not undertake any obligation to update such
forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required under applicable securities laws.
SOURCE Definity Financial Corporation