Dedicated to driving positive change

Our mission, Decisions made easier. Lives made better, acts as a guide for everything we do. It inspires our global team to build a business that benefits all stakeholders and has a positive social and environmental impact. Alongside our values, our mission drove our decision-making throughout one of the most challenging periods many of us have ever faced. COVID-19 has brought heartbreak and loss to people around the world. At the same time, it has reminded us of the power of community and the importance of preparing for the future. 

The pandemic has shone a light on the disparities and fragilities that exist in our world. It has posed threats to the economy, to public health, and to the livelihoods of the communities in which we live, work, and raise our families. Climate change also presents serious threats, and the events of the past year have heightened the need for companies to sharpen their focus on building a greener, better future for all. Manulife is committed to playing its part. 

Our journey to net zero

We recently announced commitments to help further combat climate change, signifying our role as an active contributor in the transition to a world where zero carbon emissions is a reality. This journey to net zero builds on our mission to help people make their decisions easier and lives better. When we achieve these ambitions and lower our impact, we move closer to fulfilling our mission and giving our customers the confidence to plan for the future.

We have set emissions reduction targets for our own investments and for our business operations. We have also committed to the Science Based Targets initiative (SBTi).

We recognize the link between environmental and financial stewardship. We’re proud that our vast natural resource holdings have enabled us to realize net zero Scope 1 and 2 carbon emissions since 2019, and we are uniquely positioned in our sector to accelerate the use of natural solutions in the fight against climate change. We are actively incorporating climate change considerations into all our decision-making, including how we manage our operations, how we make investment decisions, and how we develop and offer financial products and services.

1. Our Operations. While we are proud to have achieved net zero carbon emissions in our operations, we are committed to reducing absolute Scope 1 and 2 emissions 35% by 2035.

2. Our Investments. We will continue to grow our green investment portfolio, which currently totals $39.8 billion, to support a net zero future, including renewable energy and energy-efficient buildings. We are committed to steering our investment portfolio to be net zero by 2050. To drive our journey, we are taking a sector-based approach, focusing first on the heavy emitting industries, such as power generation, and within the next year, we will establish near-term emissions reduction targets. To ensure this work achieves real climate benefits, we are committed to formal third-party validation of our investment and operations targets by the SBTi.

3. Our Products and Services. Our third commitment is to provide nature-based solutions to mitigate climate change, through our sustainably managed forests and farms. We’re in a unique position to provide nature-based solutions and will accelerate the development of products that amplify the benefits of timberland and farmland and capture even more carbon per dollar invested. The products and services Manulife offers can empower customers to make their own sustainable choices and build resilience in the face of climate change.

As a global life insurer and asset manager, we offer innovative products that provide financial security and protection and, through our behavioural insurance solutions, motivate people to live healthier, more active lives. We understand the connection between our environment and human health and are proud to offer our investment clients “sustainability as standard,” considering sustainability in all our investments made on their behalf.

In making these three clear commitments on climate, we are continually challenging ourselves to take a leadership role, setting a robust plan for our investments and operations, and committing to providing products and services that are part of the global solution. 

Building on solid foundations 

Our progress against these new goals will be helped significantly by the strong foundations we’ve laid in recent years. In 2020, for example, we took meaningful steps to reduce our environmental footprint, support the transition to a net zero emissions economy, and invest in climate change mitigation and resilience. One such step was our investment in solar systems, partnering with one of the leaders of residential solar installations in the United States, which installed 38,000 residential solar systems in 2020, totalling approximately 272 MW of renewable generation capacity in the country.

Through continued investments in our real estate operations last year, we achieved green building certifications for over 80% of our global portfolio managed by Manulife Investment Management. The Global Real Estate Sustainability Benchmark (GRESB) Assessment gave Manulife Investment Management’s real estate portfolio a rating of 5 stars, ranking it in the top quintile of GRESB participants and second amongst our peers. In addition, both of our Canadian real estate funds achieved 100% green building certification across their portfolios.

Importantly, Manulife Investment Management continued to be an active member of Climate Action 100+, an investor-led initiative that encourages reduction of greenhouse gas emissions by the world’s biggest polluters and now includes more than 400 asset managers from around the world. To further bolster our efforts, our global ESG team drove the implementation of our Sustainable Investing agenda, which included rolling out global education initiatives on ESG and climate change, identifying and developing sustainable investing best practices, and supporting investment teams to develop tools and methodologies for ESG integration across investment life cycles. The world’s leading proponent of responsible investment, the Principles for Responsible Investment, included Manulife Investment Management in their PRI Leaders’ Group 2020, recognizing our efforts to advance the Leaders’ Group theme for 2020: climate reporting. 

Caring for our communities 

We strengthened our commitment to our communities during an incredibly challenging time, continuing to drive positive social change and providing assistance when people needed it most. In 2020, our total corporate donations amounted to $21 million. We made community contributions focused on several critical fronts, including food security for the most vulnerable, supporting the well-being of health care workers, and enabling mental health support through digital programs. We enabled economic opportunities for women and youth through skills development and turned wellness sponsorships, including the Manulife Ride for Heart and Manulife Danang International Marathon, into virtual fundraising events. In addition, we committed to invest more than $3.5 million over the next two years to promote diversity, equity, and inclusion through expanded hiring commitments, education, and community support for organizations helping Black, Indigenous, and People of Colour.

For the 13th consecutive year, our U.S. team supported the Dr. Martin Luther King (MLK) Scholars program, investing more than $1.5 million in hiring or funding summer jobs, leadership development forums, and digital financial capability training for more than 600 Boston-based teenagers. In response to the pandemic, we pivoted the entire program to be virtual and added mental wellness resources, which were accessed by nearly 400 Boston youth across the city.

In Canada, through our sponsorship of the Lift Off to Higher Education program, we supported 2,185 students in their efforts to build financial literacy skills and learn about different paths of education. And, for the fourth year in a row, in the Philippines we offered our Peso Smart program, a year-long financial literacy program designed to teach public school students the basics of saving, budgeting, and investing. 

Committed to progress

We recognize there is more work to be done and we are dedicated to taking concrete actions that improve outcomes for all of our stakeholders. Making sustainable business decisions is more than just the right thing to do—it creates long-term value for our stakeholders and our company. Continuing to build upon our diverse and inclusive culture, and creating a workplace where everyone feels empowered be their true selves, is crucial to our efforts. We know that developing impactful solutions to society’s biggest challenges, such as climate change, requires diverse thinking.

At Manulife, we are excited about the work ahead as we support the transition to a net zero emissions economy and continue to drive measurable social impact across our business.

Roy Gori

President and Chief Executive Officer

To find out more about sustainability at Manulife, click here.