The second annual assessment of climate plans for two major Canadian life and health insurers and asset managers, Sun Life Financial Inc. and Manulife Financial Inc., reveals that they were the largest and fourth-largest investors in coal and oil and gas, respectively, in 2022, according to data from Investing in Climate Chaos.
Given their core business focus on life and health insurance, Sun Life and Manulife have a strong incentive to swiftly and effectively implement their net-zero commitments. This is crucial as their clients are increasingly experiencing health impacts, including fatalities, due to air pollution and extreme weather events linked to fossil fuel consumption.
The assessment evaluates both companies based on the key components of a science-based transition plan, with detailed best practices outlined in the 2022 report’s second section. While there has been some progress in terms of emissions reporting and emissions reduction targets, there remains limited information on how these targets will be achieved.
The 2023 progress report delves into the companies’ specific targets, opportunities, challenges, policies, and investments concerning their net-zero commitments. This assessment provides a comprehensive overview of their efforts in addressing climate change.
View the full report (pdf)
Source: Investors for Paris
