Co-operators announced March 29 the appointment of former Mayor of Edmonton Don Iveson as Executive Advisor, Climate Investing and Community Resilience.
“This position was established to build momentum and capacity for a wave of new investments in Canada that will support climate adaptation projects and climate-resilient infrastructure in communities across the country,” said the insurer in a statement.
Co-operators says that currently, over 21% of its invested assets – more than $2.6 billion – are invested in impact investments that provide solutions to pressing environmental and social challenges. The insurer’s target is to invest 60% of its total assets to support the transition to a sustainable, resilient, low-emissions society by 2030.
“Co-operators and Iveson aim to help reduce risk in Canadian communities, in part by creating the conditions needed to increase capital flows to fund climate adaptation infrastructure in municipalities across the country,” explains the insurer.
"As an insurer, we see the financial and emotional impacts of climate change on our members, clients and communities," stated Rob Wesseling, president and CEO of Co-operators. "As an investor, we can help build infrastructure and support initiatives that improve the resilience of our communities. Working together, with Don's first-hand understanding of the challenges municipalities face and the opportunities that exist in terms of climate solutions, we can now lay the groundwork for a new model for climate-resilient investments in Canada."
"I am grateful to be working with visionaries like Rob and his team at Co-operators who share strong purpose when it comes to community resiliency. Bringing big data risk modeling, engineering solutions and private investment to bear to help towns, counties and cities contend with climate risks requires precisely the kind of problem solving and coalition building I love," states Iveson.
