Toronto-based international financial services organization Sun Life Financial announced a series of sustainability-focused initiatives, including new climate commitments, and a goal to invest an additional $20 billion (CAD$) in sustainable investments over the next five years.
According to Sun Life, the company currently has close to $60 billion invested in sustainable investments across its General Account and third party investments. The company stated that in 2020, it made 46 new sustainable investments, focused on providing access to essential services as well as in energy and water efficiency projects. For its new $20 billion goal, additional investments may range from renewable energy, energy efficiency, sustainable buildings, clean transportation, water management, and socialSocial criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. infrastructure projects, such as hospitals.
Melissa Kennedy, Executive Vice-President, Chief Legal Officer and Public Affairs and Executive Sponsor of Sustainability for Sun Life, said:
“As a global insurance and asset management company, Sun Life is taking an active role in sustainable investing, but more importantly it shows how we’re holding ourselves accountable as a trusted and responsible business.”
Sun Life’s climate change commitments include a goal to achieve carbon neutrality for business operations for both Sun Life and MFS, its premier global asset management firm. Additionally, the company has pledged to work towards reducing its GHG emissions intensity by 30% by 2030.
Sun Life also stated that its portfolio management company SLC Management and MFS have joined Climate Action 100+, an investor initiative, with over 545 investors representing more than $52 trillion in assets, that targets the world’s largest corporate greenhouse gas emitters to promote taking necessary action on climate change.
Kennedy said:
“Our sustainability and climate change actions to increase sustainable investing, achieve carbon neutral operations and reduce greenhouse gas emissions contribute to our sustainability priorities. Our actions will have an environmentalEnvironmental criteria consider how a company performs as a steward of nature. and socialSocial criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. impact for our Clients, employees and our communities for generations to come. Sun Life remains active in supporting the transition to a lower carbon, more inclusive economy and as a company we are continuously identifying new ways we can advance this outcome.”
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