Beneva demonstrates its leadership in the efforts to transition to a low-carbon economy by joining the Net-Zero Insurance Alliance
Quebec City, April 20, 2023 – With Earth Day drawing near, Beneva became the first Canadian insurance company to join the Net-Zero Insurance Alliance (NZIA). At the same time, it announced its goal of reaching net-zero emissions for its operations and its investments by 2040 and in all areas by 2050. This decision formalizes its ambition to fight climate change and demonstrates its commitment to transitioning to a clean, sustainable and greener economy.
By becoming a member of the NZIA, Beneva affirms its intention to join the collective efforts of the United Nations (UN) and the global insurance industry. In particular, Beneva commits to:
- Reducing greenhouse gas emissions of its operations by 50% by 2030, using 2022 as its reference year.
- Reducing greenhouse gas emissions of its investments by 50% by 2030, using 2021 as its reference year.
- Setting short-term goals and periodically reviewing the targets for reaching net zero, in line with developments in science and greenhouse gas emission calculation protocols.
“We are concerned by the impact of climate change, which is a growing risk for the environment, humanity and the economy. The insurance industry must mobilize to ensure that generations to come can enjoy a promising and sustainable future. That’s why Beneva is proud to collaborate with the UN convened NZIA. The accomplishments stemming from this initiative will not only benefit our members, clients and partners, but they will also be shared with the society,” said Jean-François Chalifoux, President and Chief Executive Officer of Beneva.
The roadmap to reaching net zero
To reach net-zero emissions by 2050, Beneva will take concrete actions in various areas.
The roadmap to reaching net zero
- Collaboration with key partners
- Mobilization of employees to attain the shared goal
- Disclosure of the activities and progress
- Alignment with NZIA guidelines
- Measure of the greenhouse gas emissions of the insurance underwriting portfolio
- Development of green solutions and prevention
- Responsible management of the energy effeciency and the carbon footprint of the real estate
- Decarbonization of car fleet
- Integration of ecology guidelines in the procurement chain
- $100M in sustainable investments by 2025
- Integration of ESG criteria in investment decisions
- Commitment to promote best ESG practices with the external managers
A partnership for biodiversity and carbon offsets
In the wake of its announcement of a major partnership with SOCODEVI, Beneva will offset greenhouse gas emissions produced by its operations as measured in 2022. This offset is equal to 2,538 tonnes of CO2 and will be accomplished by planting 12,690 trees through SOCOCEVI’s Tree of Intercooperation program. This initiative is in line with the fight against climate change by contributing to reforestation in Quebec and around the world.
Beneva is making various commitments for sustainable development that reflect its strong desire for responsible economic development that is environmentally friendly. This partnership opens the way to other initiatives for carbon offsets and protecting biodiversity in the future.
Created by the coming together of La Capitale and SSQ Insurance, Beneva is the largest insurance mutual in Canada with more than 3.5 million members and customers. Beneva employs over 5,000 dedicated employees: people looking out for people. Its human approach is rooted in mutualist values that are shared by its employees. With $26.8 billion in assets, Beneva positions itself as a major player in the insurance and financial services industry. Its head office is located in Quebec City.
Policyholders of contracts issued by an insurance company of Beneva Group Inc. are members of SSQ Mutual and La Capitale Civil Service Mutual.