Definity Financial aims for net zero emissions by 2040

The company’s interim targets include a 30% reduction by 2025 and 50% fall by 2030, compared to a 2019 baseline

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Definity Financial Corporation pledged to achieve net zero emissions for both its operations and investments by 2040 or sooner.

It intends to take an “active approach” to reducing the carbon intensity of its day-to-day business, including natural gas and electricity consumption in buildings and its vehicle fleet.

The company’s interim targets include a 30% reduction by 2025 and 50% fall by 2030, compared to a 2019 baseline.

It is part of the company’s climate change commitment, which sets out priorities including offering insurance products and services that help reduce the impacts of climate change, identifying and managing climate-related risks and reduce the direct climate impact of its operations.

In addition, Definity intends to manage climate-related risks and opportunities for its investments and disclose its progress in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Rowan Saunders, President and CEO of Definity said: “We know the real consequences of climate change for Canadians.

“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.”