Just before Earth Day 2023, Canadian ICMIF member Beneva announced its goal of reaching net-zero emissions for its operations and its investments by 2040 and in all areas by 2050. This decision formalises its ambition to fight climate change and demonstrates its commitment to transitioning to a clean, sustainable and greener economy.

In particular, Beneva commits to:

• Reducing greenhouse gas emissions of its operations by 50% by 2030, using 2022 as its reference year.
• Reducing greenhouse gas emissions of its investments by 50% by 2030, using 2021 as its reference year.
• Setting short-term goals and periodically reviewing the targets for reaching net-zero, in line with developments in science and greenhouse gas emission calculation protocols.

“We are concerned by the impact of climate change, which is a growing risk for the environment, humanity and the economy. The insurance industry must mobilise to ensure that generations to come can enjoy a promising and sustainable future,” said Jean-François Chalifoux, President and Chief Executive Officer of Beneva.

The roadmap to reaching net zero

To reach net-zero emissions by 2050, Beneva says it will take concrete actions in various areas. These include:

Community

• • Collaboration with key partners
  • Mobilisation of employees to attain the shared goal
  • Disclosure of activities and progress

Sustainable insurance

• Measuring the greenhouse gas emissions of the insurance underwriting portfolio
• Development of green solutions and prevention

Sustainable operations

• Responsible management of energy efficiency and the carbon footprint of the real estate
• Decarbonisation of the car fleet
• Integration of ecology guidelines in the procurement chain

Sustainable investments

• CAD$ 100 million in sustainable investments by 2025
• Integration of ESG criteria in investment decisions
• Commitment to promote best ESG practices with external managers

A partnership for biodiversity and carbon offsets

In the wake of its announcement of a major partnership with SOCODEVI, Beneva will offset greenhouse gas emissions produced by its operations as measured in 2022. This offset is equal to 2,538 tonnes of CO2 and will be accomplished by planting 12,690 trees through SOCOCEVI’s Tree of Intercooperation programme. Beneva says this initiative is in line with the fight against climate change by contributing to reforestation in Quebec and around the world.

Beneva is making various commitments for sustainable development that reflect its strong desire for responsible economic development that is environmentally friendly. This partnership opens the way to other initiatives for carbon offsets and protecting biodiversity in the future.