Reporting

FOOTNOTES/METHODOLOGY

1. Environmental data coverage and reporting period. Environmental data are reported for greenhouse gas (GHG) emissions, energy, water, and waste for the period from January 1 to December 31 of each reporting year.
2. Third-party assurance. Deloitte LLP conducted a limited assurance engagement on GHG emission data for the 2024 reporting year, in accordance with the International Standard on Assurance Engagements 3410, Assurance Engagements on Greenhouse Gas Statements (ISAE 3410). This column indicates the percentage of GHG emissions data included within the scope of the limited assurance engagement. Where less than 100% of the reported data was subject to limited assurance, the reported percentage reflects the portion of  the Power Group GHG inventory that was assured.
3. Base year and historical years. The base year for environmental data is the 2023 reporting year, except regarding Scope 3 - Category 15 (Investments) GHG emissions data for which it is the 2024 reporting year. These base years were updated to reflect the inclusion of GHG emissions data related to GBL, Sagard and PSC (as defined, and subject to the exceptions listed in footnote (d) below). Note that the environmental data related to the 2021 and 2022 reporting years are included for information only and not for performance comparison purposes as they were not recalculated to include GBL, Sagard and PSC.
4. GHG emissions data organizational boundary. Power Corporation of Canada's organizational boundary for measuring GHG emissions was determined using a financial control consolidation approach informed by the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised edition) (GHG Protocol). Power Corporation of Canada's GHG emissions inventory organizational boundary is consistent with the boundary used in its financial statements, with the exception of the following: 
   ‒ GHG emissions are consolidated only for the entities and emission sources where GHG data is available: Power Corporation of Canada and its wholly owned subsidiaries Square Victoria Real Estate and Power Financial Corporation (hereinafter collectively referred to as Power or its), Great-West Lifeco Inc. (Lifeco), IGM Financial Inc. (IGM), Groupe Bruxelles Lambert (GBL), Sagard Holdings Inc. (Sagard), and Power Sustainable Capital Inc. (PSC). 
   ‒ In the case of Lifeco, the methodology adopts a financial control model, with the exception of: a) investment properties (owned directly by Lifeco), and b) investment properties held in segregated funds (which are consolidated by Lifeco). These investment properties are investments made by Lifeco with the objective of making a profit. The economic substance of the relationship with Lifeco and these investment properties is one of earning financial returns, as opposed to using the assets as part of the day-to-day operations of the organization. As such, the economic substance has taken precedence over the legal ownership status. Given the exclusive use of these investment properties for capital appreciation and investment income purposes, the related GHG emissions are classified as Scope 3 - Category 15 (Investments). An attribution factor (AF) equal to Lifeco's ownership interest is applied to the GHG emissions associated with the investment properties to account for Lifeco's financed emissions. For investment properties that are held in segregated funds, an AF equivalent to Lifeco's general account investment in the fund is applied. 
   ‒ In the case of GBL, since the entity is held through an intermediate parent and is not wholly owned by that intermediate parent (i.e. a non-controlling interest exists), Power accounts for GBL’s GHG emissions equivalent to its economic interest in that entity, which was 16.5% as at December 31, 2024. Only the operational emissions of GBL and its direct and indirect 100% owned subsidiaries having, as their main activity, the management of investments, were consolidated in this environmental data disclosure. Other GBL subsidiaries were not included. 
   ‒ In the case of Sagard, only Sagard's subsidiary Sagard Holding Management Inc.'s and its own subsidiaries' operational GHG emissions were consolidated in this environmental data disclosure. Other Sagard subsidiaries and joint control holdings were not included. 
   ‒ In the case of PSC, only PSC's subsidiary Power Sustainable Manager Inc.'s operational GHG emissions were consolidated in this environmental data disclosure. Potentia Renewables, Nautilus Solar and Power Sustainable Energy Infrastructure Partnership were not included. 
   ‒ Wealthsimple Financial Corp. and Power's standalone businesses LMPG Inc. and The Lion Electric Company were not included in this environmental data disclosure.
   Together, but subject to the aforementioned exceptions, Power, Lifeco, IGM, GBL, Sagard and PSC are referred to as the Power Group for this environmental data disclosure. While the excluded entities are part of the Power organizational boundary, they represent approximately 3% of Power's consolidated assets. Power aims to continuously enhance its reporting on its climate and environmental matters.
5. Changes triggering GHG emissions recalculations. The changes presented below impacted the reporting of GHG emissions data. 
   ‒ Structural change: As of January 12, 2024, Sagard acquired Performance Equity Management, LLC (PEM). Emissions associated with PEM were included in the Power Group GHG emissions inventory as of that same date. Based on Power's recalculation approach, the PEM acquisition did not constitute a change with a significant impact and therefore did not trigger a recalculation of the Power Group inventory's base year emissions. 
   ‒ Other changes: The update of the base year for measuring operational environmental performance to the 2023 reporting year required recalculation of previously reported GHG emissions for the 2023 reporting year to ensure consistency and comparability over time. These recalculations accounted for: (i) Emission Factors (EFs) updates, (ii) changes in the property inventory, and (iii) the replacement of past estimates by more accurate data that became available after the 2023 reporting cycle.
6. GHG emission quantification standards and technical protocols. GHG emissions were quantified using a methodology informed by the IFRS S1 Sustainability Disclosure Standard (General Requirements for Disclosure of Sustainability-related Financial Information), the IFRS S2 Sustainability Disclosure Standard (Climate-related Disclosures), the GHG Protocol,  the GHG Protocol Scope 2 Guidance (2015), the GHG Protocol: Corporate Value Chain (Scope 3) Accounting and Reporting Standard (2011), the GHG Protocol Technical Guidance for Calculating Scope 3 Emissions (2011), the UK Department for Environmental, Food and Rural Affairs (Defra) Measuring and reporting environmental impacts: guidance for businesses (2019), and the Partnership for Carbon Accounting Financials' Global GHG Accounting & Reporting Standard, Part A: Financed Emissions, Second edition (December 2022) (PCAF Standard).
7. GHG emission measurement approach, inputs and assumptions. Unless otherwise specified, GHG emissions were quantified using the following methodology: 
   ‒ Measurement approach: GHG emissions were estimated by multiplying GHG activity data by the applicable EFs and Global Warming Potentials (GWPs), as relevant. 
   ‒ Data inputs: Primary activity data obtained from supplier invoices and reports and from property managers were used in the calculations. Where such data were not available, historical data profiles and/or sector average data, proxy data or other generic data, as relevant, were used to extrapolate emissions. EFs were mainly sourced from utility-specific or region-specific sources, including the National Inventory Report (NIR) 1990-2023: Greenhouse Gas Sources and Sinks in Canada, Part 2 and Part 3 (Ottawa: Environment and Climate Change Canada, 2025); the Greenhouse Gas Reporting: Conversion Factors for Company Reporting 2024 (UK Government: Climate Change and Energy); the Emissions Factors for Greenhouse Gas Inventories (U.S. Environmental Protection Agency (US EPA), January 2025); the Sustainable Energy Authority of Ireland: Energy in Ireland 2024 Report; and Bilan carbone (ADEME, 2016). The International Panel on Climate Change (IPCC) Sixth Assessment Report was used to aggregate the relevant constituent GHGs into carbon dioxide equivalent (CO₂e) values, which mainly included the following GWPs: carbon dioxide (tCO₂/unit):1; methane (tCH₄/unit): 27; nitrous oxide (tN₂O/unit): 273; as well as the relevant GWPs for hydrofluorocarbons and perfluorocarbons. In some instances, the NIR 1990-2022: Greenhouse Gas Sources and Sinks in Canada, Part 2 and Part 3 (Ottawa: Environment and Climate Change Canada, 2024) and the IPCC Fifth Assessment Report were used. 
   ‒ Assumptions: Assumptions were made when applying historical data, internal proxy data and sector averages to extrapolate emissions
8. Absolute GHG emissions. Absolute gross GHG emissions generated during the reporting years are expressed in metric tonnes of CO₂e (tCO₂e) and disclosed as classified by Scope 1, 2 and 3 and aggregated accordingly.
9. Year-over-year change. The year-over-year percentage change is reported based on the aggregated Scope 1 and 2 location-based GHG emissions. 
10. Scope 1 GHG emissions. Scope 1 direct GHG emissions cover the Power Group. Power, Lifeco and IGM Scope 1 emissions cover 100% of their respective owner-occupied properties (excluding investment properties) and owned and controlled equipment and vehicles. GBL, Sagard and PSC had zero Scope 1 emissions in 2024 under the financial control consolidation approach. Primary activity data were obtained from supplier invoices and reports related to fuel consumption volumes from stationary and mobile GHG emission sources, including boilers, furnaces, back-up generators, and corporate vehicles, and refrigerant consumption volumes from fugitive GHG emission sources in buildings’ air conditioning units. Where such data were unavailable, historical data profiles, provincial data, and/or sector averages, as available, were used to extrapolate emissions. The EFs and activity data comprised 55% primary data and 45% secondary data. See footnote (g) for information on EFs and GWPs.
11. Scope 2 GHG emissions. Scope 2 indirect GHG emissions cover the Power Group. Power, Lifeco and IGM Scope 2 emissions cover 100% of their respective owner-occupied properties (excluding investment properties). GBL, Sagard and PSC had zero Scope 2 GHG emissions in 2024 under the financial control consolidation approach. Primary activity data related to purchased electricity, steam and chilled water consumption volumes were obtained from supplier invoices and reports. Where such data were unavailable, historical data profiles and/or sector averages, as available, were used to extrapolate emissions. Scope 2 location-based GHG emissions were calculated by multiplying the activity data by the region-specific grid EFs as specified in footnote (g). In the US, EFs were sourced from the US EPA eGRID2023. Scope 2 market-based GHG emissions were calculated by multiplying the activity data by the utility-specific EFs, which vary based on contractual instruments, including energy attributes (e.g. renewable energy credits), and direct contracts for low-carbon and renewable electricity. Where utility-specific EFs were not available, the residual mix default grid EFs were used. Purchased chilled water and steam EFs were sourced from utility providers and/or regional specific EFs. For 2024, 85% of Scope 2 market-based GHG emissions were calculated from utility-specific EFs. More generally, location-based EFs and activity data comprised 54% primary data and 46% secondary data, and market-based EFs and activity data comprised 92% primary data and 8% secondary data. Note that Scope 2 market-based GHG emissions data are not third-party verified, except for Power and IGM.
12. Scope 3 GHG emissions. Given the nature of the Power Group business in the financial services sector, Scope 3 indirect GHG emissions in the value chain related to Categories 1-14 are immaterial when considered in the context of Category 15 emissions related to investments. Where data were available, Scope 3 emissions are reported for Category 5 (Waste generated in operations) (see footnote (m)), Category 6 (Business travel) (see footnote (n)), Category 8 (Upstream leased assets) (see footnote (o)), and Category 15 (Investments) (see footnote (p)). Additional Scope 3 data for the 2024 reporting year are disclosed in Power’s response to the 2025 CDP Climate Change questionnaire.
13. Scope 3 – Category 5 (Waste generated in operations). Scope 3 – Category 5 (Waste generated in operations) refers to emissions from waste generated in owned and financially controlled properties and leased offices, and which occur during waste disposal and waste treatment, covering waste to landfill and waste to energy. While considered immaterial overall, emissions from waste generated in operations were calculated by Power, Lifeco (for Canada only in the case of leased offices), IGM (owned property only), GBL, Sagard and PSC. Such data exclude waste-related emissions from waste to recycling and from investment properties. Primary activity data related to waste volumes and diversion methods were obtained from waste haulers and third-party contractors’ invoices and reports, as well as from building managers’ annual surveys. Where such data were unavailable, historical data profiles and/or sector averages, as available, were used to extrapolate emissions. Note that the following specific waste-to-energy EFs were applied, as relevant: Province of Ontario: The York Durham Energy Centre Correspondence, April 2021 (non-biomass emissions and tonnage only); and Province of British Columbia: Metro Vancouver Recycling and Solid Waste Management Program, 2024 Report, and the Industrial Facility GHG Reporting Hub at https://metrovancouver.org/boards/ZeroWaste/ZWA-2024-07-04-AGE.pdf#search=zero%20waste%202024 and https://metrovancouver.org/boards/ZeroWaste/ZWA-2024-09-05-PPT.pdf#search=zero%20waste%202024. In some instances, the NIR 1990-2018: Greenhouse Gas Sources and Sinks in Canada, Part 2 (Ottawa: Environment and Climate Change Canada, 2020) was used. The EFs and activity data comprised 49% primary data and 51% secondary data. See footnote (g) for further information on EFs and GWPs.
14. Scope 3 – Category 6 (Business travel). Scope 3 – Category 6 (Business travel) refers to emissions from air, rail and ground transportation of employees for business-related activities in vehicles owned or operated by third parties. While considered immaterial overall, emissions from business travel were calculated by the Power Group. Primary activity data related to fuel volumes, distance travelled and transportation modes were obtained from third-party suppliers’ invoices and reports, as relevant, and primary activity data related to spend were obtained from Power Group entities. The EFs and activity data comprised 51% primary data and 49% secondary data. See footnote (g) for information on EFs and GWPs.
15. Scope 3 – Category 8 (Upstream leased assets). Scope 3 – Category 8 (Upstream leased assets) refers to energy-related emissions from the operation of leased assets not already covered in Scope 1 and 2 emissions. While considered immaterial overall, emissions from upstream leased assets were calculated by the Power group. Note that emissions from a subset of Lifeco's leased properties internationally are currently excluded from Lifeco's Scope 3- Category 8 emissions calculations. These include emissions from leased properties located in Bermuda, Germany, Barbados, Isle of Man, Macau, Hong Kong, the Philippines and India. Similarly, IGM measures emissions related to leased offices in Canada only. Primary activity data related to energy consumption volumes were obtained from third-party property managers. Where such data were unavailable, historical data profiles, internal proxy data and/or sector averages, as available, were used to extrapolate emissions. Note that the following specific EFs were applied, as relevant: the GHG Inventory and Projections for Abu Dhabi Emirate Executive Summary of the Fourth Cycle April 2021 (electricity), Climatiq (electricity), and the Italian GHG Inventory 1990-2022, NIR 2024 and Rapporto Ambientale 2024 (electricity). The EFs and activity data comprised 29% primary data and 71% secondary data. See footnote (g) for information on EFs and GWPs.  
16. Scope 3 – Category 15 (Investments). Scope 3 – Category 15 (Investments) relates to energy-related emissions from investment properties in the Lifeco General Account and IGM’s IG Real Property Fund. Primary activity data related to energy consumption volumes were obtained from property managers. Where such data were unavailable, historical data profiles, internal proxy data and/or sector averages, as available, were used to extrapolate emissions. Financed emissions were apportioned using attribution factors informed by the PCAF Standard. See footnote (g) for information on EFs and GWPs. Note that other 2024 GHG emissions related to investments are reported in Power’s response to the 2025 CDP Climate Change questionnaire; these figures are not third-party verified.
17. Emission intensity. Emission intensity data are reported based on total Scope 1 and 2 location-based GHG emissions.
18. Energy data. Energy data are reported in accordance with the GRI Standards: 302 Energy (2016) and cover the business activities of Power, Lifeco and IGM only.  
19. Energy consumed within and outside the group. "Energy consumed within the group" relates to energy consumed from the activities owned and controlled by Power, Lifeco and IGM as outlined in footnote (d). "Energy consumed outside the group" refers to energy consumed from activities not owned or controlled by Power, Lifeco and IGM, covering leased and investment properties defined in footnotes (o) and (p), respectively.
20. Direct and indirect energy. Direct energy consumed relates to renewable and non-renewable energy from fuels, covering natural gas, kerosene, gasoline, and diesel. Indirect energy includes purchased electricity, chilled water, and steam.
21. Renewable energy. Renewable direct energy relates to the renewable natural gas procured by Power from Énergir in Quebec, the renewable natural gas procured by Lifeco from Crown Gas & Power in the UK, and the renewable thermal certificates procured by IGM from Bullfrog Power in Canada. The percentage reported is relative to the total direct energy used by Power, Lifeco and IGM. Renewable indirect energy relates to energy procured from low-carbon sources in Canada (including hydropower electricity in the provinces of Ontario, Quebec, British Columbia and Manitoba, as well as steam in the provinces of Ontario, Quebec and British Columbia), in the UK (electricity) and in Ireland (electricity). The percentage reported is relative to the total indirect energy used by Power, Lifeco and IGM. Note that the renewable direct and indirect energy percentages "within the group" and "outside the group" were restated for the 2021 and 2022 reporting years to reflect the removal of one double-counted property and the inclusion of renewable energy sources used by Lifeco's international real estate portfolio in addition to its Canadian portfolio.
22. Energy intensity. The energy intensity ratios include both direct and indirect energy consumed within the group. See footnote (s) for additional information on energy consumed within the group, as well as footnote (t) for additional information on direct and indirect energy.
23. Waste data. Waste data are reported in accordance with the GRI Standards: 306 Waste (2020) and cover the business activities of Power, Lifeco and IGM only. 
24. Waste generated within and outside the group. "Waste generated within the group" relates to waste generated from the activities owned and controlled by Power, Lifeco and IGM outlined in footnote (d). "Waste generated outside the group" relates to waste generated from activities not owned or controlled by Power, Lifeco and IGM, covering leased and investment properties defined in footnotes (o) and (p), respectively. Note that the waste disposal recycling volumes and the waste diversion rates outside the group were restated for the 2021, 2022, and 2023 reporting years to reflect the ownership share of investment properties.
25. Waste diversion and disposal methods. Waste volumes and waste disposal methods were calculated and determined using primary data consisting of waste volumes from invoices and waste disposal method diversion reports provided by third-party contractors. Where such data were unavailable, historical data profiles were used to extrapolate waste volumes. 
26. Water data. Water data are reported in accordance with the GRI Standards: 303 Water and Effluents (2018) and cover the business activities of Power, Lifeco and IGM only. 
27. Water withdrawn within and outside the group. “Water withdrawn within the group” relates to water withdrawn by third-party municipal suppliers and consumed for the activities owned and controlled by Power, Lifeco and IGM as outlined in footnote (d). "Water withdrawn outside the group" relates to water withdrawn by third-party municipal suppliers and consumed for activities not owned or controlled by Power, Lifeco and IGM, covering leased and investment properties defined in footnotes (o) and (p), respectively, pertaining to Power, Lifeco and IGM.
28. Water withdrawn. Water withdrawn volumes were calculated using primary data consisting of water volumes from invoices provided by third-party suppliers. Where such data were unavailable, secondary data were used to extrapolate water volumes based on real estate sector averages. 
29. Water intensity. Water intensity ratios "within the group" are based on the square footage of the buildings owned and controlled by Power, Lifeco and IGM as outlined in footnote (d). Water intensity ratios “outside the group” relate to leased and investment properties defined in footnotes (o) and (p), respectively, pertaining to Power, Lifeco and IGM.