Today, the climate crisis is one of the biggest threats that the Earth faces. As a planet, we must work together before it is too late in order to reverse the damage that has been done. At Aviva Canada, one of our many insure-approved insurers, they believe that the best thing they can do for their customers, business, and shareholders is to play their part in preventing the climate crisis. After announcing their Aviva Net Zero Carbon Plan in 2021, they have taken great strides since to reduce carbon usage by 2040!
Who is Aviva Canada?
To fully understand this stance, we must first understand who Aviva is. To summarize, Aviva is one of the leading property and casualty insurance groups within Canada. They provide home, automobile, lifestyle and business insurance to 2.4 million customers across the country. Additionally, they are a long-standing, insurance-approved insurer. As a subsidiary of UK-based Aviva plc, Aviva Canada employs over 4,000 people to-date. While doing so, they focus on creating a bright and sustainable future for their customers and communities across the country.
What does Net Zero Carbon mean?
As a company that is already carbon-neutral, you may be curious as to what the Aviva Net Zero Carbon plan means. Net Zero refers to the balance between the amount of greenhouse gases produced and the amount removed from the atmosphere. A good way to think about this is to refer to a sink. When you turn on the tap, you add more water to the sink. But if you pull the plug, water will drain. The amount of water that accumulates in the sink depends on both the tap’s input and the drain’s output.
To keep the water level in the sink balanced, make sure the water entering and draining from the sink are equal. The same applies to the greenhouse gases we emit into the air. The amount we release must also be removed. When what we add to the air is no more than what is taken away from the air, we reach Net Zero.
What are the benefits of Net Zero Carbon?
In today’s society, companies and individuals have put tackling climate change at the top of their priorities. Given the situation the planet faces, limiting emissions over the next decade is critical to saving the future. This is why every country, sector, industry, and each one of us must work together to find ways to reduce the carbon we produce.
You have most likely heard the term “carbon neutral” before. This refers to the ambition to limit the increase in a company’s future carbon emissions while also using offsets to neutralize existing emissions. Net Zero takes this a step further by first placing more focus on reducing carbon emissions as much as possible. Afterwards, they offset the unavoidable residual CO2 as a last resort.
How does Aviva plan to reach Net Zero Carbon?
Since the beginning, Aviva has been taking steps to reduce their carbon emissions internally. They also support carbon offsetting projects. These are projects that reduce the same amount of carbon that Aviva produces from its buildings and other operations, thereby balancing out the residual emissions. In order to do so, they announced in March of 2021 their plans to make this plan a reality. This involves becoming a Net Zero company by 2040. In addition, they want to achieve a 25% reduction in the carbon intensity of their assets by 2025, with 60% by 2030. They also want to have Net Zero operations and supply chains by 2030.
To progress towards their target, Aviva will track their progress through annual public reporting. By setting immediate targets for 2030 and 2040, they are setting out a clear pathway towards their goal. “Aviva is taking bold steps to tackle the climate crisis. Since then, Aviva has achieved a 56% reduction in greenhouse gas emissions since 2019, and has maintained a 100% renewable electricity across their offices.
As the UK’s leading insurer, we have a huge responsibility to change the way we invest, insure and serve our customers,” states Amanda Blanc, Aviva’s Group Chief Executive Officer. “For the world to reach Net Zero, it’s going to take leadership and radical ambition. And it’s going to take Aviva to play our part.”
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