Aviva Canada releases sustainability, climate-related financial disclosure reports

How did the insurer fare last year?

Aviva Canada releases sustainability, climate-related financial disclosure reports

Insurance News

By Mika Pangilinan

Aviva Canada has released its 2022 sustainability and climate-related financial disclosure (TCFD). This marks the second year that the company has voluntarily disclosed its climate risks and exposures.

The company used three Canadian metrics to measure its progress: weighted average carbon intensity of credits and equities, investment in sustainable assets, and actual weather-related losses versus expected losses.

The 2022 sustainability and TCFD reports also highlighted a range of achievements and initiatives:

  • Investment in Sustainable Assets: The company exceeded its 2023 target by investing $449 million in sustainable assets, affirming its commitment to support environmentally responsible projects and initiatives.
  • Renewable Electricity Milestone: Aviva Canada achieved 100% renewable electricity for all its offices, two years ahead of its 2025 target.
  • Supporting Renewable Energy: Aviva Canada wrote six new renewable energy accounts, totaling approximately $7 million. It also established a renewable energy working group encompassing underwriting, client relationship management, and risk management.
  • Charged for Change Program: The company launched the Charged for Change initiative, investing $3 million in electric vehicle charging infrastructure for underserved communities across Canada.
  • Inaugural Climate Day: Aviva Canada organized its inaugural Climate Day, where over 1,100 employees came together for collective action and volunteering efforts, leading to the planting of 1,463 trees.

Both reports have been released ahead of impending mandatory requirements for financial institutions.

To ensure the credibility and reliability of the disclosed data, PricewaterhouseCoopers LLP conducted an assurance review, validating the metrics to a “reasonable” level of assurance.

Commenting on the release of the two reports, CEO Jason Storah expressed the Aviva Canada’s dedication to supporting customers, partners, and communities in the transition to a low-carbon future.

“While we do not have all the answers, we are not letting that stop us from forging ahead, finding solutions and doing what's right for our shared planet,” said Storah.

“We'll continue to talk less and act more, collaborate with the public and private sectors to take bold action to protect Canadians and accelerate the move to a low-carbon future.”

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