C$ unless otherwise stated
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- Global commitments include steering investment portfolio to net
zero by 2050, reducing scope 1 and 2 emissions 35 per cent by
2035
- Pledges commitment to the Science Based Targets
initiative1
TORONTO, May 6, 2021 /PRNewswire/ - Manulife today
announced a net zero emissions commitment to support climate goals
worldwide, recognizing the important role 37,000 employees, 118,000
agents, and over a trillion dollars in assets under management and
administration can play in global climate solutions.
"Through the commitments we've set out today, we are
accelerating work to reduce our own emissions and build a portfolio
of climate-smart investments," said Roy
Gori, President and CEO, Manulife. "In making clear
commitments on climate, we are setting a robust plan for our
operations and our own investments. We are actively developing
innovative products and services designed to contribute towards the
urgent, global fight against climate change."
Manulife is also taking another important step to underscore its
commitment to build a greener, better future for all. 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.
Rooted in its mission—Decisions Made Easier. Lives Made
Better.—Manulife's journey to net zero focuses on three
areas:
- Operations: Substantially reducing emissions to lessen our
footprint
- Investments: Actively investing for a sustainable future
- Products and Services: Developing innovative solutions that
contribute to climate change mitigation and resilience.
Operations: Substantially reducing emissions to lessen our
footprint
Manulife is proud to share that the Company is net
zero in its operations, uniquely positioned due to the carbon
removals from its substantial owned and operated forests and
farmland outweighing its company-wide operational emissions.
Manulife is committing to reduce absolute scope 1 and 2
emissions 35 per cent by 2035. The Company will take steps
such as enhanced efficiency measures, fuel switching, and use of
onsite renewables in our buildings to achieve this target.
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1 Science Based Targets
initiative
|
Investments: Actively investing for a sustainable
future
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.
"Our approach is centered on two core principles. First, that
there is an immediate need to take action on climate change today;
and second, that our actions result in real change versus create
the perception of change," said Sarah
Chapman, Global Chief Sustainability Officer, Manulife.
"Accelerated decarbonization of Manulife's portfolio is a top
priority for achieving our 2050 ambition."
To ensure these targets have a meaningful impact, 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 significant $39.8 billion portfolio of green investments,
such as renewable energy and energy-efficient real estate. This
balanced approach will ensure its investments will be meaningful in
contributing to global efforts to limit global temperatures.
Products and Services: Developing innovative solutions that
contribute to climate change mitigation and resilience
Recognizing the benefits of a transition to a net zero world and a
healthier planet, Manulife will continue to develop and tailor our
products and services to empower customers to make their own
sustainable choices and build resilience in the face of climate
change.
Through the expertise of its global asset management business,
Manulife Investment Management will also continue to scale the
integration of ESG through products and services offered to
customers. As a strong steward, Manulife Investment Management is
focused on the long term, prioritizing sustainability, and
expanding the view of what matters beyond financial value.
As part of this commitment to stewardship, 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.2
Additionally, as one of the world's largest timber and
agriculture investment managers, Manulife Investment
Management believes sustainably managed forests and farms are
a critical part of the climate solution, with immense benefits for
health and wealth. The Company will continue its focus on providing
nature-based solutions to mitigate climate change. It will
accelerate 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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2 Not
all investments available to all investors in all
jurisdictions.
|
As a global life and health insurer, Manulife is exploring the
connections between the planet's health and human health, to
understand the impact climate change may have on its policyholders.
Joining many of its global peers, the Company has been an active
contributor in the Geneva Association Task Force to develop and
hone climate risk assessment methodologies and tools for the
insurance industry. Internal product and insurance risk management
teams have been conducting extensive research and analysis of the
impacts of climate change, such as on vector-borne diseases,
extreme weather events, and increased temperatures, on morbidity
and mortality, to inform decisions related to our life insurance
underwriting assumptions. As it learns more, Manulife will continue
to design and tailor products around the health and resilience of
its customers.
Manulife is collaborating with industry peers and
climate-related multi-stakeholder initiatives in order to progress
on its journey to net zero. Building on existing engagements with
Climate Action 100+ as one of their founding members, the Office of
the Superintendent of Financial Institutions (OSFI), the Bank of
Canada climate scenario project,
and others, Manulife will continue to collaborate with industry
leaders to develop methodologies and approaches to accounting for
and transitioning to net zero investment portfolios and
products.
To learn more, visit Manulife.com/climate.
About Manulife
Manulife Financial Corporation is a
leading international financial services provider that helps people
make their decisions easier and lives better. With our global
headquarters in Toronto, Canada,
we operate as Manulife across our offices in Canada, Asia,
and Europe, and primarily as
John Hancock in the United States. We provide financial
advice, insurance, and our global wealth and asset management
segment, Manulife Investment Management, serves individuals,
institutions and retirement plan members worldwide. At the end
of 2020, we had more than 37,000 employees, over 118,000 agents,
and thousands of distribution partners, serving over 30 million
customers. As of March 31, 2021, we
had CAD$1.3 trillion (US$1.0 trillion) in assets under management and
administration, and in the previous 12 months we made $31.3 billion in payments to our customers. Our
principal operations are in Asia,
Canada and the United States where we have served
customers for more than 155 years. We trade as 'MFC' on the
Toronto, New York, and the Philippine stock exchanges
and under '945' in Hong Kong.
*All figures are as at December 31,
2020
Caution Regarding Forward-looking Statements
This news release contains forward-looking statements which are
made pursuant to the "safe harbour" provisions of Canadian
provincial securities laws and the U.S. Private Securities
Litigation Reform Act of 1995. The forward-looking
statements in this news release include statements with respect
to Manulife's Climate Action Plan and journey to net zero.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed on
such statements. Certain material factors or assumptions are
applied in making forward-looking statements and actual results may
differ materially from those expressed or implied in such
statements. Important factors that could cause actual results to
differ materially from expectations include factors identified in
the "Caution regarding forward-looking statements" in our 2020
Annual Report and elsewhere in our filings with Canadian and U.S.
securities regulators.
The forward-looking statements in this news release are
presented for the purpose of assisting investors and others in
understanding our objectives and strategic priorities, and may not
be appropriate for other purposes. We do not undertake to
update any forward-looking statements except as required by
law.
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SOURCE Manulife Financial Corporation