Insurance company Beneva today unveils its first climate report, marking a significant milestone in the implementation of the company’s environmental commitments. The report was contributed to by part of our team of experts in greenhouse gas (GHG) assessment and decarbonization.
Created through the merger of La Capitale and SSQ Assurance, Beneva is the largest mutual insurance company in Canada, with more than 3.5 million members and customers. It has over 5,500 dedicated employees: people who protect people.
Beneva puts people and the planet at the heart of its actions. That’s why it is committed to achieving a net zero emissions balance in its operations and investments by 2040, and globally by 2050.
Faithful to its mutualist values, it takes action every day to invest in people’s overall well-being, while accelerating a just transition to a greener, more inclusive and resilient world.
The notion of risk lies at the heart of the insurance industry. Today, climate change poses a long-term risk that cannot be ignored. Beneva is taking a proactive approach to the impact of climate change on insurance risk. The mutual is aware of the role of financial institutions and insurers in mitigating climate change. It wishes to take advantage of this privileged position to catalyze climate action, not only by mobilizing its stakeholders (employees, customers, suppliers, etc.), but above all by adopting a sustainable investment strategy to reduce the carbon intensity of its portfolio.
Since 2022, Coop Carbone has been working closely with Beneva to structure a GHG balance sheet covering scopes 1 and 2, based on 2021 operational data. Updated in 2023 with 2022 figures, this initiative has laid the foundations for targeted reduction actions. Thanks to our expertise, Beneva was able to achieve a 17.5% reduction in GHG emissions in the first year of implementing the agreed measures.
Efforts are continuing, with the intermediate goal of achieving a net zero emissions portfolio by 2040. We are also supporting Beneva in finalizing its Scope 3 emissions inventory, which includes indirect emissions linked to the value chain. In addition, we are supporting Beneva in the process of validating its decarbonization targets with the Science Based Targets initiative (SBTi).
“This kind of commitment would not be possible without the contribution of partners with varied and precise expertise. The collaboration with Coop Carbone is a perfect illustration of the synergy needed to meet today’s climate challenges. It brings crucial technical and strategic value to our decarbonization commitments.”
For more information on Beneva’s initiatives and the details of our collaboration, see the full report on the Beneva website.
If you would like us to support you in your decarbonization objectives, please do not hesitate to contact us.
