The Co-operators sets targets for a net-zero future
The Co-operators announced net-zero targets for its investments and operations, joining a growing movement of financial services organizations helping to define a path for the crucial transition to a more sustainable, zero-emissions economy.
The Canadian financial services co-operative, with over $57.8 billion in assets under management, will be net-zero in both its operations and its investments, by 2040 and 2050, respectively. In addition, by 2030, it will invest 60% of its invested assets into impact investments or those that support the transition to a sustainable, resilient, low-emissions society.
To measurably demonstrate progress towards these goals, The Co-operators is setting interim targets and milestones. The company is also the first Canadian insurer and second Canadian organization to officially sign on to the UN-convened Net-Zero Asset Owner Alliance, an international group of institutional investors working to transition investment portfolios to net-zero emissions by 2050.
“There is no question that collectively, we must significantly reduce our emissions to mitigate the increasing risks and impacts of our changing climate. As a purpose-driven organization, The Co-operators has historically embraced our role to embed sustainability into all our investment and operational decisions. Today, our climate targets further reflect our intention to use our financial and co-operative strength to lead positive change toward a net-zero-emissions future.” – Rob Wesseling, President & CEO of The Co-operators.
“Fundamental to our mission of providing financial security for Canadians and our communities is ensuring that we help protect the long-term health, sustainability and well-being of the planet and the societies that it supports. Setting these targets and joining the Net-Zero Asset Owner Alliance are natural extensions of our co-operative identity and are crucial to maintain the financial strength of our organization, our sector and our economy.” – Karen Higgins, Chief Financial Officer of The Co-operators.