Canadian Manufacturing

Manulife announces journey to net zero

Global commitments include steering investment portfolio to net zero by 2050, reducing scope 1 and 2 emissions 35 per cent by 2035

May 7, 2021  by CM Staff

Looking across young southern pines in Byfield plantation forest to the Byfield Range in Central Queensland, Australia (CNW Group/Manulife Financial Corporation)

TORONTO — Manulife announced a net zero emissions commitment to support climate goals worldwide.

“Through the commitments we’ve set out today, we are accelerating work to reduce our own emissions and build a portfolio of climate-smart investments,” said Roy Gori, President and CEO, Manulife in a prepared statement. “In making clear commitments on climate, we are setting a robust plan for our operations and our own investments. We are actively developing innovative products and services designed to contribute towards the urgent, global fight against climate change.”

Manulife’s journey to net zero focuses on three areas:

  • Operations: Substantially reducing emissions to lessen our footprint
  • Investments: Actively investing for a sustainable future
  • Products and Services: Developing innovative solutions that contribute to climate change mitigation and resilience.

Manulife is committing to reduce absolute scope 1 and 2 emissions 35% by 2035. The Company will take steps such as enhanced efficiency measures, fuel switching, and use of onsite renewables in our buildings to achieve this target

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To establish a strategy for Manulife’s financed emissions net zero ambition, the Company is taking a sector-based approach, focusing first on the heavy emitting industries, such as power generation, to establish near term emissions reduction targets.

“Our approach is centered on two core principles. First, that there is an immediate need to take action on climate change today; and second, that our actions result in real change versus create the perception of change,” said Sarah Chapman, Global Chief Sustainability Officer, Manulife. “Accelerated decarbonization of Manulife’s portfolio is a top priority for achieving our 2050 ambition.”

Manulife will also continue to grow its $39.8 billion portfolio of green investments, such as renewable energy and energy-efficient real estate. This balanced approach will ensure its investments will be contributing to global efforts to limit global temperatures.

Manulife Investment Management will also continue to scale the integration of ESG through products and services offered to customers. As a strong steward, Manulife Investment Management is focused on the long term, prioritizing sustainability, and expanding the view of what matters beyond financial value.

As part of this commitment to stewardship, Manulife Investment Management will continue to give clients sustainable investing options, such as the Manulife Investment Management Sustainable Asia Bond strategy and Global Climate strategy.