Waterloo Region, ON – Sustainable Waterloo, a not-for-profit that guides organizations in Waterloo Region towards a more environmentally sustainable future, announced on Monday that five prominent insurance companies with core operations in Waterloo Region are now members of the Regional Carbon Initiative.

The new members are:

• The Economical Insurance Group
• Farm Mutual Reinsurance Plan Inc
• Gore Mutual Insurance Company
• Sun Life Financial
• Ontario Teachers Insurance Plan

All five of these companies have signed on as Observing Organizations. As such, these organizations have all made the first step in committing to voluntary greenhouse gas (GHG) reduction targets.

The Regional Carbon Initiative facilitates voluntary target-setting and reductions of GHG emissions in member organizations across Waterloo Region. All Regional Carbon Initiative members are provided with a carbon accounting tool to begin reporting their GHG emissions to Sustainable Waterloo, invitations to quarterly educational forums and technical workshops, a directory of Waterloo Region GHG services professionals, and inclusion in consolidated reporting and public recognition of their achievements, as merited. Observing Organizations either use alternative programs to track and report their carbon emissions or are working towards making formal carbon reduction commitments in future.

“With Waterloo being home to Sun Life’s Canadian division, the Regional Carbon Initiative provides us a great opportunity to leverage a strong local initiative to contribute to the development of an effective enterprise-wide practice,” said Susan Jantzi, Director, Corporate Affairs & Sustainability at Sun Life Financial. “Sustainable Waterloo is an excellent catalyst in furthering a more sustainable future and we are very pleased that through today’s joint insurance company announcement, they are acknowledging the important role our industry can play in contributing to that future.“

In recent years, the implications of climate change on the insurance industry have been identified by scholars and acknowledged by industry experts. Adverse effects on human health and property damage due to more extreme weather events are among some of the identified risks in a 2004 report written by the Swiss Reinsurance Company. Another article that appeared in Science in 2005 stated that: “By developing a better grasp of the physical and business risks…insurers are well-positioned to participate in public-private initiatives to address the causes of climate change and prepare for and adapt to the impacts.” This is exactly where the Regional Carbon Initiative and Sustainable Waterloo fit in.

“We are incredibly excited to announce this joint membership and in doing so, to start working with each of these companies as they begin their journey towards demonstrating local leadership on climate change,” stated Mike Morrice, Sustainable Waterloo’s Executive Director. “We are looking forward to assisting these companies as they move towards readiness to make GHG reduction commitments.”

For a list of all 17 members of the Regional Carbon Initiative — including both Observing Organizations and those that have already made GHG reduction commitments as Pledging Partners — visit www.sustainablewaterloo.org/members.

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