Global warming and the impact it is having on our changing climate is one of the most pressing sustainability challenges we face today. This phenomenon has the potential to have a significant impact on ecosystems, economies and communities.
We are an investor, employer, and contributor to the communities where we are established. As such, we recognize our responsibility to help create a future where prosperity is harmonized with addressing the critical challenges of climate change. Growing our business profitably in a way that supports a low-carbon economy will be an important issue for the Corporation and our stakeholders.
Our strategy for adapting to climate change is focused on positioning our business positively within the context of a low-carbon economy and supporting policies that advance solutions to address climate change impacts.
Steps Taken to Achieve our Objectives
Minimize Investment Risks
Continue to integrate economic, environmental and social factors into our investment process and active ownership approach, which includes climate change risks and opportunities, where relevant.
Invest in Sustainable Businesses
Companies in which we invest are adapting to the impacts of climate change on their businesses through products, services, markets and operations. We engage with our major subsidiaries through a group-wide CSR committee on a range of corporate social responsibility initiatives, including GHG emission and climate change strategies.
Through our parent company, Power Corporation, we support collaborative policies and frameworks that advance growth within a low-carbon economy, including the David Suzuki Foundation and the One Drop Foundation.
Climate Advocacy and Outreach
In line with our contributions to community projects and initiatives that increase awareness and knowledge on climate change impacts and management, our parent company, Power Corporation, supports various organizations that are focused on issues related to climate change. The following provides examples of the research organizations we support:
David Suzuki Foundation – Through our parent company, Power Corporation, we support the Foundation’s work with governments, businesses and individuals to conserve the environment by providing science-based education, advocacy and policy work, and by acting as a catalyst for social change.
One Drop Foundation – Through our parent company, Power Corporation, we support the Foundation’s broad mission and work in developing countries to provide access to water, ensure food security, and to use arts and culture to educate local communities on issues concerning water and climate change.
We have been responding to the CDP Climate Change Program for the past seven years and support the organization’s endeavours to increase transparency and disclosure on climate change governance, risks and opportunities, management and performance. In 2018, both Power Financial and Power Corporation obtained a score of A (Leadership), making it on the CDP A List, along with 125 other companies worldwide. Among the 2018 CDP respondents in the financial services sector, four of the five top ranked Canadian companies were members of the Power Corporation group.
Highlights from our Group Companies
As part of our strategy, we also invest in sustainable companies whose products and services contribute to a low-carbon economy and societal well-being.
In addition to supporting organizations that are focused on issues related to climate change, our major publicly traded subsidiaries encourage their staff to get involved with environmental causes they support. Great-West Lifeco examples include the Earth Rangers school outreach program, as well as the International Institute for Sustainable Development and the Prairie Climate Centre, which facilitates cutting-edge climate research and policy recommendations, helping governments, businesses and community members understand the impacts of climate change and respond effectively. IGM Financial examples include Green Kids, the Nature Conservancy of Canada Forces of Nature Campaign, the Manitoba Race to Reduce and the GoManitoba online program.