Climate Adaptation

Global warming and the impact it is having on our changing climate is one of the most pressing sustainability challenges we face today. This phenomenon has the potential to have a significant impact on ecosystems, economies and communities.

We are an investor, employer, and contributor to the communities where we are established. As such, we recognize our responsibility to help create a future where prosperity is harmonized with addressing the critical challenges of climate change. Growing our business profitably in a way that supports a low-carbon economy will be an important issue for the Corporation and our stakeholders.

Our Strategy

Our strategy for adapting to climate change is focused on positioning our business positively within the context of a low-carbon economy and supporting policies that advance solutions to address climate change impacts.

Climate Advocacy and Outreach

In line with our contributions to community projects and initiatives that increase awareness and knowledge on climate change impacts and management, Power Corporation supports various organizations that are focused on issues related to climate change. The following provides examples of the research organizations we support:

David Suzuki Foundation – We support the Foundation’s broad mission and work with governments, businesses and individuals to conserve the environment by providing science-based education, advocacy and policy work, and by acting as a catalyst for social change.

One Drop Foundation – We support the Foundation’s work in developing countries to provide access to water, ensure food security, and to use arts and culture to educate local communities on issues concerning water and climate change.

Carbon Disclosure

We have been responding to the CDP Climate Change Program for the past seven years and support the organization’s endeavours to increase transparency and disclosure on climate change governance, risks and opportunities, management and performance. In 2017, we obtained a score of A- (Leadership). Among the 2017 CDP respondents in the financial services sector, four of the six top ranked Canadian companies were members of the Power group.

Our Objectives
Steps Taken to Achieve our Objectives

Explore Sustainable and Renewable Energy

Established a wholly owned subsidiary, Power Energy Corporation, which is investing in the clean-energy and energy-efficiency sectors.

Minimize Investment Risks

Continue to integrate economic, environmental and social factors into our investment process and active ownership approach, which includes climate change risks and opportunities, where relevant.

Invest in Sustainable Businesses

Companies in which we invest are adapting to the impacts of climate change on their businesses through products, services, markets and operations. We engage with our major subsidiaries through a group-wide CSR committee on a range of corporate social responsibility initiatives, including GHG emission and climate change strategies.

Support Policies

We support collaborative policies and frameworks that advance growth within a low-carbon economy, including the David Suzuki Foundation and the One Drop Foundation.

Climate Advocacy and Outreach

In line with our contributions to community projects and initiatives that increase awareness and knowledge on climate change impacts and management, Power Corporation supports various organizations that are focused on issues related to climate change. The following provides examples of the research organizations we support:

David Suzuki Foundation – We support the Foundation’s broad mission and work with governments, businesses and individuals to conserve the environment by providing science-based education, advocacy and policy work, and by acting as a catalyst for social change.

One Drop Foundation – We support the Foundation’s work in developing countries to provide access to water, ensure food security, and to use arts and culture to educate local communities on issues concerning water and climate change.

Carbon Disclosure

We have been responding to the CDP Climate Change Program for the past seven years and support the organization’s endeavours to increase transparency and disclosure on climate change governance, risks and opportunities, management and performance. In 2017, we obtained a score of A- (Leadership). Among the 2017 CDP respondents in the financial services sector, four of the six top ranked Canadian companies were members of the Power group.

Highlights from our Group Companies

As part of our strategy, we also invest in sustainable companies whose products and services contribute to a low-carbon economy and societal well-being.

In addition to supporting organizations that are focused on issues related to climate change, our major publicly traded subsidiaries encourage their staff to get involved with environmental causes they support. Great-West Lifeco examples include the Earth Rangers school outreach program, as well as the International Institute for Sustainable Development and the Prairie Climate Centre, which facilitates cutting-edge climate research and policy recommendations, helping governments, businesses and community members understand the impacts of climate change and respond effectively. IGM Financial examples include Green Kids, the Nature Conservancy of Canada Forces of Nature Campaign, the Manitoba Race to Reduce and the GoManitoba online program. 

SUSTAINABLE AND RENEWABLE ENERGY

We invest in the sustainable and renewable energy sector through our wholly owned subsidiary Power Energy, which actively manages investments in the sustainable and renewable energy sector with the goal of building and owning, over the long term, companies that can generate growing and stable cash flows. Power Energy invests in companies that benefit from the global energy transformation and currently has invested in companies that develop, own and operate solar, hydro and wind generating assets in North America as well as in leading manufacturers of sustainable technologies. Power Energy currently holds investments in three companies: 

  • Potentia Renewables – a renewable energy generation company, active in the solar and wind sector in North America and the Caribbean 

  • Lumenpulse – a leading manufacturer of high-performance, specification-grade LED lighting solutions

  • Lion Electric – a manufacturer of zero-emission vehicles sold throughout North America

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