June 6, 2022 (TORONTO, ON) - Today, Aviva Canada – the first major Canadian financial services company to target net-zero carbon emissions by 2040 – releases its first annual Sustainability Report. Looking at how the company is tackling the climate crisis and investing in Canada’s society and economy to create a better tomorrow for future generations, this report includes Aviva’s response to the recommendations from the Task Force on Climate-Related Financial Disclosures (TCFD) and the annual Public Accountability Statement1. The full report can be viewed online here.
This is the first year Aviva Canada is producing a TCFD report, ahead of mandatory climate disclosure required of financial institutions in Canada in 2024. Three Canadian metrics are being disclosed: (1) weighted average carbon intensity of credit and equities, (2) investment in green assets, and (3) actual weather-related losses vs. expected losses. The 2021 metrics have been assured by PricewaterhouseCoopers LLP to a “reasonable” level assurance. PwC's assurance report and a link to Aviva's Reporting Criteria can be found in the Sustainability Report on page 54 and page 32 respectively.
Key highlights from the 2021 Sustainability Report include:
- Achieved 10% reduction in weighted average carbon intensity over previous year
- Invested over $100M in green assets, exceeding 2021 target
- Launched a first-of-its-kind sustainable claims management program following BC floods in 2021. Picked up 309 bags of recycling and diverted 22 tonnes of waste from landfill
- Invested over $2M in WWF-Canada’s Nature and Climate Grant Program to fight biodiversity loss and climate change
- First major financial services company in Canada to achieve gender equality (50/50 male-female split) for VP and above
Jason Storah, CEO of Aviva Canada says:
“Aviva Canada’s sustainability ambition is rooted in our purpose, to be with you today for a better tomorrow. We understand that we have a leading role to play in helping Canadians transition to a low carbon economy and we’re bringing our customers, our people, and our communities on that journey with us. Since announcing our net-zero 2040 plan, we’ve made good progress acting on the climate crisis, building stronger, more resilient communities, and embedding sustainability in every aspect of our business.
I’m proud of what we’ve achieved in the past year, but am impatient for the wider business community, the insurance industry, and all levels of governments to act with greater transparency and urgency. Climate change is an existential threat to the insurance industry. It’s time for more effective collaboration. Climate action must be a collective effort. Only by acting in tandem will we be able to accelerate Canada’stransition to a low-carbon future.”
1 Aviva Canada’s 2021 Public Accountability Statement was filed in May, in accordance with the Public Accountability Statements (Banks, Insurance Companies, Trust and Loan Companies) Regulations.
About Aviva Canada
Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.4 million customers. A subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a bright and sustainable future for our people, our customers, our communities and our planet. Launched in 2019, Aviva Canada is investing in safer communities through Aviva Take Back Our Roads, which uses data driven solutions and strategic collaborations to make safer roads a reality for all. In 2021, we announced our plan to become a net zero carbon emissions company by 2040, the most demanding target of any major insurance company in the world.