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Power Corporation
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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 an 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. We also invest in companies that share our philosophy and values, supporting a wide array of causes, including organizations promoting environmental stewardship. 

Carbon Disclosure

2021 marked Power Corporation’s tenth year responding to the CDP climate change questionnaire. For a second consecutive year, Power Corporation was one of three Canadian companies to receive the top score of A (Leadership) for its response to the 2021 CDP questionnaire. 

IGM Financial and Great-West Lifeco continued to take action on climate change. The companies obtained a score of A- (Leadership) and B (Management), respectively, for their responses to the 2021 CDP questionnaire. 

Our Objectives
Steps Taken to Achieve our Objectives

Explore Renewable Energy

Established Power Sustainable, a global multi-platform alternative asset manager with a long-term investment approach focused on sustainable strategies. 

Minimize Investment Risks

Continue to integrate economic, environmental, social  and governance 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’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.

We are also proud of the actions of our portfolio companies, many of which have become supporters and signatories of important third-party-led initiatives such as the Principles for Responsible Investment (PRI), the Task Force on Climate-Related Financial Disclosures (TCFD) and the Climate Action 100+ initiative.

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. We also invest in companies that share our philosophy and values, supporting a wide array of causes, including organizations promoting environmental stewardship. 

Carbon Disclosure

2021 marked Power Corporation’s tenth year responding to the CDP climate change questionnaire. For a second consecutive year, Power Corporation was one of three Canadian companies to receive the top score of A (Leadership) for its response to the 2021 CDP questionnaire. 

IGM Financial and Great-West Lifeco continued to take action on climate change. The companies obtained a score of A- (Leadership) and B (Management), respectively, for their responses to the 2021 CDP questionnaire. 

Environment

Read our response to the CDP’s questionnaire
2021 2020 2019 2018 2017 2016

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.

COMMITMENTS

In 2019, IGM Financial, along with all its operating companies, announced their support for the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD). In 2020, they deepened their commitment to integrating climate change risk and opportunities into their business by creating an enterprise-wide TCFD Working Group of senior leaders that is leading their efforts. The group is focused on enhancing IGM’s and its operating companies’ knowledge and tools to quantify climate risks in tandem with their industry, further integrating climate into their business strategy and product offering for clients, evolving their engagement approach with investee companies, and addressing increased disclosure expectations. 

In 2020, Great-West Lifeco and its subsidiary Irish Life Investment Managers became TCFD supporters, followed by Great-West Lifeco’s subsidiary Putnam Investments in 2021. 

Irish Life Investment Managers is also a signatory to the Climate Action 100+, which is an investor initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change. IGM Financial’s subsidiary Mackenzie Investment signed up in 2020, and IG Wealth Management will be joining in 2021. 

ENGAGING EMPLOYEES

In addition to supporting organizations that are focused on issues related to climate change, our major publicly traded subsidiaries encourage their staff to play their part in preserving the environment. As an example, financial support is offered by IGM Financial to employees using public transit programs and the company is providing access to lockers and showers and safe bike lock-ups, where possible. In the state-of-the-art Investment Planning Counsel head office, preferred parking and charging stations for green vehicles are offered, as well as preferred parking for those who commute in a high-occupancy vehicle. 

SUSTAINABLE AND RENEWABLE ENERGY

Power Sustainable, one of Power Corporation’s alternative asset investment platforms, is a sustainability-led global alternative asset manager that aims to create long-term value by actively investing in entrepreneurial management teams, companies and projects with sustainable business models. Through its Power Sustainable Energy Infrastructure (PSEI) platform, it actively invests in the development, construction, and operation of renewable energy infrastructure assets across North America. PSEI applies Power Corporation’s principles of collaboration and building trusting relationships in industries that benefit from the global energy transformation. 

The following are Power Sustainable Energy Infrastructure's wholly owned operating companies: 

  • Potentia Renewables – a renewable energy generation company that is a fully integrated developer, operator and manager of solar and wind energy assets, active in North America and in the Caribbean

  • Nautilus Solar Energy – a  U.S based company that acquires, develops, finances and manages distributed solar projects across community, municipal/utility-scale, commercial and industrial markets 

In addition, Power Sustainable also has equity investments in the following standalone businesses: 

  • LMPG – formerly known as Lumenpulse, an internationally recognized designer, developer, and manufacturer of a wide range of high-performance and sustainable specification-grade LED solutions for commercial, institutional, and urban environments

  • Lion Electric –  an innovative manufacturer of zero-emission vehicles that creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments

CLIMATE SOLUTIONS

Imerys is committed not only to the management of emissions related to its operations but also to innovation of solutions at the service of a low-carbon economy, and as such supports customers in this transition. To this effect, Imerys has focused on conducting studies of its products portfolio to determine their carbon footprint. These studies serve a dual purpose of providing complete and transparent information to customers and giving the group an improved visibility over the impacts linked to specific products or facilities, which is a precursor to initiating any eco-design approach. In 2020, Imerys calculated 49 product carbon footprints, from cradle to gate, using either the life cycle assessment approach. These study results are often shared with customers to help encourage downstream efforts to calculate product impacts and differentiate Imerys solutions from other competitors’ higher carbon products.

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