Aviva Canada releases 2023 Climate-related Financial Disclosure report & Sustainability Highlights

August 7, 2024 (TORONTO, ON) – Today, Aviva Canada released its 2023 Climate-related Financial Disclosure Report, complemented by an overview of the year’s Sustainability Highlights under Aviva’s global Sustainability Ambition. Together, these documents detail how the company is taking climate action and working towards building stronger, more diverse and inclusive communities across Canada, and includes Aviva Canada’s response to the disclosure recommendations from the Task Force on Climate-related Financial Disclosures.

This is the third year Aviva Canada is voluntarily disclosing its climate risks and exposures, ahead of the upcoming mandatory disclosure requirements.¹ The company is disclosing three Aviva Canada specific metrics: (1) weighted average carbon intensity by revenue, (2) investment in sustainable assets, and (3) weather-related losses. 

Key highlights from 2023 include:

• $975m cumulative investment in sustainable assets compared to assets from 2019.
• 26% reduction in scope 1 & 2 weighted average carbon intensity in credit and equities (shareholder) since 2022.
• Expanded our technical expertise and solutions in renewable energy and launched a Sustainable Property Endorsement.
• Launched c.$6.2m CAD partnership with Edmonton-based Wild + Pine to remove carbon through afforestation projects – the first Canadian partnership under Aviva plc’s £100m nature-based carbon removal program.
• Awarded funding to the first seven Ontario municipalities under Aviva Canada’s Charged for Change program, expected to deliver 35 new EV charging heads installed in 15 sites across Ontario. 
• Held second annual Climate Day where more than 2,000 employees came together to volunteer, planting over 6,000+ native plants.
• Exceeding our leadership diversity goals, with 48.3% women and 36.8% visible minorities in VP+ roles.

Earlier this year, Aviva Canada also filed its 2023 Public Accountability Statement in accordance with the Public Accountability Statements (Banks, Insurance Companies, Trust and Loan Companies) Regulations.

Tracy Garrad, CEO of Aviva Canada says:

“As an insurer, the nature of our business places us squarely in the path of climate change and its repercussions. Our annual disclosure reporting is an opportunity for us to celebrate and share the good progress we continue to make against our targets, while also being clear and transparent about the challenges that lay ahead. 

We face a world that is not changing as quickly as we need it to. Yet, we are not idle. We remain resolute in our pursuit to support a resilient, sustainable future, and draw energy from like-minded collaborators, and an increasing share of customers looking for sustainable choices. Together, we are driving meaningful progress towards a sustainable, resilient future for Aviva Canada and the communities we serve."

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¹ Canada moves toward mandatory climate disclosures: osfi-bsif.gc.ca/Eng/osfi-bsif/med/Pages/b15-nr.aspx.