We envision a world where everyone connected to the insurance sector not only achieves, tracks, and monetizes their net-zero goals, but also become catalysts for meaningful, lasting change towards global sustainability.
In an era where climate change is an escalating global crisis, tracking and managing scope 3 emissions has become a regulatory imperative, especially for financial institutions in Canada such as insurance companies. The new FRFI (federally regulated financial institutions) legislation mandates such institutions to report their scope 3 emissions by 2025 and suggests third-party verification for enhanced credibility.
Amidst these challenges, insurers face several key hurdles:
Insurers are grappling with the tracking and management of Scope 3 emissions, a significant portion of which come from property claims.
Construction and Demolition (C&D) waste, a major contributor to these emissions, is not universally managed or tracked in compliance with financial-grade carbon accounting. This gap makes it challenging to produce saleable voluntary carbon credits or adhere to future mandatory compliance markets.
When it comes to property insurance claims, tracking C&D waste and other carbon diversion activities needs to be precise and job-specific. This level of granularity is essential for accurate carbon accounting and ownership.
Through our multi-faceted approach, involving state-of-the-art data analytics, real-time emissions tracking, and robust training programs, we offer insurers and other stakeholders the tools they need to meet these challenges head-on. By creating multi-year partnerships designed to guide stakeholders towards sustainability, we help insurers fulfill not only regulatory requirements but also achieve their sustainability goals.