Sun Life pledges to reach net zero by 2050

The insurance firm also plans to cut down its own operational emissions by 30% by 2030.

Sun Life has announced its goal to reach net zero greenhouse gas (GHG) emissions by 2050 for both its investments and operations with interim targets to be announced in 2022.

For its investments, Sun Life plans to achieve net zero GHG emissions in its general account, which holds funds from insurance policy premiums and is managed by SLC Management, the company's alternatives asset management firm. Sun Life's other asset management companies will also drive net-zero efforts. These companies include: MFS Investment Management (MFS), BentallGreenOak (BGO) and InfraRed Capital Partners (InfraRed) and SLGI Asset Management Inc. (SLGI Asset Management).

Sun Life will also target a 50% absolute reduction of GHG emissions in its operations by 2030, relative to 2019. This includes emissions reductions from Sun Life's offices and corporate travel. This new level of commitment builds upon Sun Life's previous reduction announcement stating it would work towards reducing its GHG emissions intensity by 30%. 

"Achieving net zero by 2050 means ensuring that we're taking tangible action – from our portfolios to our operations – to help limit rising global temperatures. Our concerted efforts towards this global issue, along with collaboration across our industry, will help safeguard a livable climate and improve the health and security of communities worldwide,” Alanna Boyd, senior vice president and chief sustainability officer, said.