This is our second annual assessment of the climate plans of two of Canada’s largest life and health insurers and asset managers: Sun Life Financial Inc. (‘Sun Life’) and Manulife Financial Inc. (‘Manulife’). In 2022, according to data collected by Investing in Climate Chaos, the insurance companies are the first and fourth largest Canadian investors in coal and in oil and gas, respectively.
The nature of Sun Life and Manulife’s businesses creates an added incentive to follow through on their net zero commitments, and quickly. They are insuring the life and health of people who are increasingly suffering health impacts (including death) from air pollution and extreme weather caused by fossil fuel combustion.
We assess each company against the key elements of a science-based transition plan. Detailed best practices were laid out in part II of our 2022 report. This year saw some progress in terms of emissions reporting and emissions reduction targets – though little about how they would be meeting these targets.
Our 2023 progress report assesses Sun Life and Manulife’s targets, opportunities, obstacles, policies, and investments related to their net-zero commitments in detail.
