Hong Kong-based life insurer CTF Life plans to reduce absolute Scope 1 and 2 greenhouse gas emissions by 37.8% by the financial year 2029 (FY2029).
The life insurer’s carbon reduction targets have been officially validated by the Science Based Targets initiative (SBTi), a corporate climate action organisation that enables businesses worldwide to play their part in combating the climate crisis. The result shows CTF Life's commitment to decarbonisation and provides a set of measurements by which the company's stakeholders can monitor its ongoing efforts.
In October last year, CTF Life demonstrated leadership in advancing sustainability through science-based targets aligned with the Paris Agreement and became the first company from the banking, diverse financial and insurance sector that primarily operates in the Greater Bay Area to submit a carbon reduction commitment letter to the SBTi. Additionally, within its Scope 3 emissions, CTF Life commits to the following, which covers 65% of its total investment and lending by assets:
- To reduce the greenhouse gas emissions per MWh from the electricity generation sector within its listed equity and corporate bond portfolio by 59% by FY2029, and
- To have at least 44.8% of the invested value in its listed equity and corporate bond portfolio allocated to companies that set SBTi-validated targets by FY2029.
CTF Life executive director and CEO Man Kit Ip said that the insurer recognises that climate action is both a critical responsibility and a powerful opportunity to inspire and drive meaningful change. “The validation of our targets underscores our unwavering commitment to reducing emissions across our operations and investment portfolio. This milestone reaffirms our dedication to building a sustainable future while creating value beyond insurance for our stakeholders," he said.