Manulife Announces 1t.org Pledge to Scale Nature-Based Solutions in Effort to Mitigate Climate Change
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- Manulife's pledge to 1t.org strengthens its partnership with the World Economic Forum and accelerates a sustainable future with tangible results targeted by 2027.
- Efforts seek to scale financial investments, preserving the social and environmental benefits of forests, agriculture, and biodiversity.
- The 1t.org pledge aligns to Manulife's recently announced Impact Agenda, which outlines key areas where Manulife has the greatest ability to affect change.
TORONTO, Dec. 12, 2022 /PRNewswire/ - Manulife today announced a pledge to 1t.org to accelerate and scale nature-based solutions in an effort to mitigate climate change. Through its partnership with the World Economic Forum's Trillion Trees initiative, Manulife is making the commitment to accelerate a sustainable future with tangible results by 2027. Efforts will strive to accelerate the pace of innovation around amplifying the carbon removal benefits of forests while aiming to solve investor needs and will take shape in the form of a partnership to share knowledge, tools, and experience, and support of local communities, nature, and biodiversity. As part of the pledge, Manulife will aim to scale Manulife Investment Management's carbon-focused forestry investments and sequestration of CO2 from the atmosphere through the forests it manages over a period of 5 years.
"As a global life insurer and asset manager, and one of the world's largest timberland and farmland investment managers1, we understand the connection between our environment and human health. We are well-positioned to provide and manage investments in nature-based solutions to advance climate change mitigation and are thrilled to build on our partnership with the World Economic Forum to do just that," said Sarah Chapman, Chief Sustainability Officer, Manulife. "We believe sustainably managed forests and farms are a critical part of the climate solution, and this commitment supports the shared value approach we've taken across our Impact Agenda."
"With more than 30 years of experience sustainably managing natural resources, Manulife Investment Management is deeply engaged in the global conversation surrounding business and nature," said Brian Kernohan, Chief Sustainability Officer, Private Markets, Manulife Investment Management. "We believe that being a good steward in the financial markets means focusing on the long term, prioritizing the sustainability of our investments, and expanding the view of what matters, in addition to financial value".
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1 | RISI, Inc. 2021 data based on top 15 global Timber Investment Management Organizations (TIMO) by assets under management. Manulife pays a subscription fee for access to the database. |
"The conservation, restoration and sustainable management of forests is critical to address both the climate and biodiversity crises," said Nicole Schwab, Co-Head Nature-Based Solutions at the World Economic Forum. "High ambition and high-quality commitments and action from companies such as Manulife catalyzes positive change and drives impact by placing nature-based solutions at the core of their investments."
Through its 1t.org pledge, Manulife will:
1. Leverage nature-based solutions to mitigate climate change.
- We will focus on providing and scaling nature-based solutions to mitigate climate change that amplify the carbon removal benefits of forests, partnering to share our knowledge, tools and experience and supporting local communities, nature and biodiversity.
- In the next 5 years, building upon our existing
$100 million USD commitment, we will continue to grow our investments in nature-based climate solutions. We also aim to grow the scale of Manulife Investment Management's managed carbon-focused forestry investments we manage, to offer innovative products to meet investors' climate-related goals. - As we grow the portfolio of carbon-focused forestry investments we manage on behalf of Manulife and our third-party clients, we also aim to increase our sequestration of CO2 from the atmosphere through managed forests in accordance with the Manulife Investment Management Carbon Principles and leading sustainability certification standards.
2. Partner to scale investments.
- Create additional financial opportunities and incentives for conservation, restoration and afforestation or reforestation (e.g., blended financing vehicles).
- Support scaling the market for sustainable timber in building construction.
- Further the development of high-quality forest-based carbon credit standards.
- Accelerate the development of sustainable investment strategies for companies interested in nature-based climate solutions to support their climate goals.
- Partner to pilot new programs and technologies to promote nature-based climate solutions.
Full details of the pledge can be found at https://www.1t.org/pledges/manulife-accelerating-a-sustainable-future. The pledge underpins Manulife's recently announced Impact Agenda, which aims to build business to better the world by making decisions about the future of the firm's business, rooted in the belief that collective actions drive meaningful change. To learn more about Manulife's Impact Agenda, and to track progress against its goals, visit manulife.com/impact.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2021, we had more than 38,000 employees, over 119,000 agents, and thousands of distribution partners, serving over 33 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
About Manulife Investment Management
Manulife Investment Management is the global brand for the global wealth and asset management segment of Manulife Financial Corporation. We draw on more than a century of financial stewardship and the full resources of our parent company to serve individuals, institutions, and retirement plan members worldwide. Headquartered in Toronto, our leading capabilities in public and private markets are strengthened by an investment footprint that spans 19 geographies. We complement these capabilities by providing access to a network of unaffiliated asset managers from around the world. We're committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our securities portfolios, and maintain a high standard of stewardship where we own and operate assets, and we believe in supporting financial well-being through our workplace retirement plans. Today, plan sponsors around the world rely on our retirement plan administration and investment expertise to help their employees plan for, save for, and live a better retirement. Not all offerings are available in all jurisdictions. For additional information, please visit manulifeim.com.
About 1t.org
1t.org is a World Economic Forum initiative that serves a global movement to conserve, grow and restore 1 trillion trees by 2030. 1t.org is set up to support the UN Decade on Ecosystem Restoration. 1t.org mobilizes private sector engagement and ambition in forest conservation and restoration, facilitates multistakeholder dialogues in key geographies, and supports innovation, ecopreneurship and youth to incentivize and accelerate restoration. For additional information, please visit www.1t.org.
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