Climate Adaptation
One of the greatest and most pressing sustainability issues of our time is climate change, a phenomenon that has already had, and will continue to have, a significant impact on ecosystems, economies and communities around the world.
As a diversified international management and holding company, we understand and believe that businesses hold a responsibility to the communities in which they operate, towards fellow citizens and the natural environment. 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.
We are deeply conscious of the fact that we do not operate in a vacuum. Thriving businesses depend on a thriving, sustainable society. Growing our business profitably in a way that supports a low-carbon economy will continue being an important matter 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 that address the tangible impacts of climate change.
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:
Nature Conservancy of Canada – Power Corporation has been supporting Nature Conservancy of Canada since 2005. Nature Conservancy of Canada is a leading national land conservation organization that partners with individuals, corporations, other non-profit organizations and governments to protect the natural areas that sustain Canada’s plants and wildlife, including through their conservation research efforts.
Earth Rangers – Power Corporation provides funding for Earth Rangers, covering the three-year period from 2018 to 2020. Earth Rangers is a kids’ conservation organization whose free programs aim to instill environmental knowledge, positivity and the confidence to take action. Earth Rangers also works with a variety of national, regional and local conservation organizations to develop projects to protect endangered animals, ranging from conservation research, to land acquisition and habitat stewardship.
David Suzuki Foundation – Power Corporation provided funding for the Foundation covering a nine-year period from 2007 to 2015, and has renewed its commitment for 2019-2020. The David Suzuki Foundation works with government, business and individuals to conserve the environment by providing science-based education, advocacy and policy work, and acting as a catalyst for social change.
The support we provide to these foundations is in line with our strategy to contribute to community projects and initiatives that increase awareness and knowledge on climate change impacts and management.
Carbon Disclosure
We have been responding to the CDP Climate Change Program for the past eight years and support the organization’s endeavours to increase transparency and disclosure on climate change governance, risks and opportunities, management and performance. In 2018, both Power Corporation and Power Financial obtained a score of A (Leadership), earning a spot on the CDP A List, along with 127 other companies worldwide. Among the 2018 CDP respondents in the financial services sector, four of the five top ranked Canadian companies were members of the Power Corporation group.
Both Power Corporation and Power Financial, as well as our group companies Great-West Lifeco and IGM Financial, have responded to the CDP’s 2019 climate change questionnaire.
Our Objectives
Steps Taken to Achieve our Objectives
Explore Sustainable and Renewable Energy
Established a wholly owned subsidiary, Power Energy Corporation, which invests 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 reduction and climate change related risks, opportunities and management strategies.
Support Policies
We support collaborative policies and frameworks that advance growth within a low-carbon economy, including through our Chairman and Co-CEO’s involvement in the International Economic Forum of the Americas and the Brookings International Advisory Council. These organizations respectively put forward efforts to increase awareness and collaboration between international governments on a wide range of issues, including climate change and efforts to develop effective, pragmatic policies for addressing national and global issues including energy and environmental issues.
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:
Nature Conservancy of Canada – Power Corporation has been supporting Nature Conservancy of Canada since 2005. Nature Conservancy of Canada is a leading national land conservation organization that partners with individuals, corporations, other non-profit organizations and governments to protect the natural areas that sustain Canada’s plants and wildlife, including through their conservation research efforts.
Earth Rangers – Power Corporation provides funding for Earth Rangers, covering the three-year period from 2018 to 2020. Earth Rangers is a kids’ conservation organization whose free programs aim to instill environmental knowledge, positivity and the confidence to take action. Earth Rangers also works with a variety of national, regional and local conservation organizations to develop projects to protect endangered animals, ranging from conservation research, to land acquisition and habitat stewardship.
David Suzuki Foundation – Power Corporation provided funding for the Foundation covering a nine-year period from 2007 to 2015, and has renewed its commitment for 2019-2020. The David Suzuki Foundation works with government, business and individuals to conserve the environment by providing science-based education, advocacy and policy work, and acting as a catalyst for social change.
The support we provide to these foundations is in line with our strategy to contribute to community projects and initiatives that increase awareness and knowledge on climate change impacts and management.
Carbon Disclosure
We have been responding to the CDP Climate Change Program for the past eight years and support the organization’s endeavours to increase transparency and disclosure on climate change governance, risks and opportunities, management and performance. In 2018, both Power Corporation and Power Financial obtained a score of A (Leadership), earning a spot on the CDP A List, along with 127 other companies worldwide. Among the 2018 CDP respondents in the financial services sector, four of the five top ranked Canadian companies were members of the Power Corporation group.
Both Power Corporation and Power Financial, as well as our group companies Great-West Lifeco and IGM Financial, have responded to the CDP’s 2019 climate change questionnaire.
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 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.