Canadian insurer and financial services provider Co-operators has set a new goal to grow its climate solutions portfolio to US$3bn by 2030.
This is an increase from a $2bn baseline in 2024, representing 21% of the company’s investment portfolio.
“We have the opportunity, and the responsibility, to invest in ways that support a more sustainable future for Canadians, and our communities,” said president and CEO Rob Wesseling. “Our new climate solutions target, alongside our broader sustainability goals, reflect our deliberate commitment to fostering resilience, advancing the low-carbon transition and building financial security for generations to come.”
Chad Park vice-president for sustainability and citizenship, added: “Climate-related risks like wildfires and flooding have continued to rise dramatically, increasing economic impacts across Canada. These negative trendlines create an urgent call to action, and climate investment is a powerful way for the business community to respond.
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“We’re proud to ally with an international community of climate-concerned investors mobilizing their capital to help enable solutions.”
To ensure that this increased investment “meaningfully and measurably supports sustainability efforts and decarbonisation goals”, Co-operators says it is adopting an updated investment framework co-developed with Addenda Capital, an asset management company and subsidiary of Co-operators.
“Our new framework, drawing upon global best practices, is designed to enable institutional investors and asset owners to grow their capital while investing in ways that align with a transition to a net-zero economy and to finance solutions to the immense challenge of climate change,“ said Roger Beauchemin, CEO of Addenda Capital.
“We’re proud to support Co-operators in achieving their ambitious climate and impact investment targets – and we encourage other to follow suit and join us in catalysing a more sustainable market.”
