Insurers are grappling with the tracking and management of Scope 3 emissions, a significant portion of which come from property claims.
Empowering The Insurance Industry Towards Carbon Neutrality
Manage, Track, And Reduce
Supply Chain Carbon Emissions
The Problems Insurers Face
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:
Scope 3 Emissions
WASTE MANAGEMENT
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.
PROPERTY CLAIMS COMPLEXITY
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.
The SOLUTION
ECOCLAIM PROVIDES
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.
