The 3 Areas Manulife Will Focus on to Reach Net Zero by 2050

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by | May 7, 2021

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(Credit: Pixabay)

Manulife today announced a net zero emissions commitment to support climate goals worldwide. Members of the executive leadership team currently have performance goals linked to diversity, equity, and inclusion, employee engagement, and leadership accountability. Beginning this year, goals linked to Manulife’s climate action plan will also be included.

Manulife’s journey to net zero focuses on three areas:

  • Operations: Substantially reducing emissions to lessen the company’s footprint
  • Investments: Actively investing for a sustainable future
  • Products and Services: Developing innovative solutions that contribute to climate change mitigation and resilience.

Operations

Manulife is net-zero in its operations due in large part to the carbon removals from its owned and operated forests and farmland. Manulife is committing to reduce absolute scope 1 and 2 emissions by 35% by 2035. The company will take steps such as enhanced efficiency measures, fuel switching, and the use of onsite renewables in buildings to achieve this target.

Investments

Today, Manulife is committing to steer its own investment portfolio to net-zero by 2050, acknowledging the important role continued progress on financed emissions will have on its enterprise-wide climate impact.

To establish a strategy for Manulife’s financed emissions net-zero ambition, the company is taking a sector-based approach, focusing first on the heavy emitting industries, such as power generation, to establish near-term emissions reduction targets. Manulife has committed to the Science Based Targets initiative to guide the company’s target setting, measurement, and progress reporting.

Manulife will also continue to grow its $39.8 billion portfolios of green investments, such as renewable energy and energy-efficient real estate.

Products and Services

Manulife will continue to develop and tailor products and services to empower customers to make their own sustainable choices and build resilience in the face of climate change. Manulife Investment Management will also continue to scale the integration of ESG through products and services offered to customers. Manulife Investment Management will continue to give clients sustainable investing options, such as the Manulife Investment Management Sustainable Asia Bond strategy and Global Climate strategy.

Additionally, the company will continue its focus on providing nature-based solutions to mitigate climate change. It will accelerate the development of products that amplify the benefits of forests and farms, developing products for investors interested in nature-based solutions that capture even more carbon per dollar invested.

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