The Co-operators becomes first Canadian insurer to sign the Montreal Carbon Pledge
Dec 10, 2014
GUELPH, ON, Dec. 10, 2014 /CNW/ - The Co-operators Group Limited today became the first Canadian insurance company to sign the Montreal Carbon Pledge, which commits signatories to measure and publicly disclose the carbon footprints of their investment portfolios. Launched on September 25, 2014 at the Principles for Responsible Investment (PRI) annual meeting in Montreal, the pledge is supported by the PRI and the United Nations Environment Programme Finance Initiative.
More than twenty institutional investors, including one other from Canada, have signed the pledge. The goal is to attract US$3 trillion of portfolio commitment in time for the United Nations Climate Change conference, which will be held in Paris in December 2015. Signatories commit, as a first step, to measure and disclose their investments' carbon footprint annually, beginning with equities, by September 2015. These measurements may then inform engagement strategies.
"As an insurer and a sustainable investor, we understand that there are risks associated with climate change and we recognize that measuring the carbon footprint of our investments is one important step in managing these risks," said Kathy Bardswick, president and CEO of The Co-operators. "Adding our signature to the Montreal Carbon Pledge is a demonstration of our commitment to sustainable investing, and we're hopeful that momentum will continue to grow as investors around the world resolve to factor climate change risks into their investment decisions."
The invested assets of The Co-operators group of companies, which total more than C$8 billion, are administered by its subsidiary, Addenda Capital. The Co-operators will disclose the carbon footprints of its investments on its website and in its annual sustainability reports. In 2012, The Co-operators was a founding signatory to the United Nations-backed Principles for Sustainable Insurance and Addenda Capital signed on to the Principles for Responsible Investment initiative.
The deadline to endorse the Montreal Carbon Pledge is September 1, 2015. For more information and to sign onto the pledge, please visit montrealpledge.org.
About The Co-operators:
The Co-operators Group Limited is a Canadian-owned co-operative with more than $37 billion in assets under administration. Through its group of companies it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the 50 Best Employers in Canada by Aon Hewitt; Corporate Knights' Best 50 Corporate Citizens in Canada; and the Top 50 Socially Responsible Corporations in Canada by Sustainalytics and Maclean's magazine. For more information visit www.cooperators.ca.
About Addenda Capital:
Addenda Capital is an investment management firm providing investment solutions for institutional and high net worth clients. We offer our clients customized portfolios using a broad range of strategies, with assets under management of more than 25 billion CAD. Our mission is to add value through independent research, active management, innovation, discipline and integrity, and to nurture genuine partnerships with our clients.
SOURCE The Co-operators
For further information: Leonard Sharman, The Co-operators, 519-767-3937