Founded on cooperative principles, Co-operators, a Canadian insurance and financial services cooperative has always prioritised its members’ and communities’ well-being over profit maximisation. Its purpose-driven approach is centred around ensuring financial security for Canadians. With a strong focus on values and ethics, Co-operators has extended its commitments to sustainability, recognising the inextricable link between financial prosperity and environmental and social well-being.

Co-operators’ sustainability journey began with the integration of sustainable practices into its governance structure. The Board of Directors, in collaboration with the executive leadership team, established a dedicated committee to oversee sustainability initiatives. This committee was responsible for developing a sustainability strategy aligned with the United Nations Sustainable Development Goals (SDGs). By formalising sustainability at the highest level of decision-making, Co-operators ensured that it became an integral part of its business strategy.

To drive meaningful change, Co-operators set ambitious long-term sustainability goals. These goals include reducing its carbon footprint, promoting financial inclusion, and fostering diversity and inclusion within its workforce. By setting specific targets and timelines, it has created a roadmap for progress and provided clear direction to both employees and stakeholders.

As a provider of insurance and financial services, Co-operators recognised the significance of aligning its offerings with sustainability principles. It developed products and services that promote renewable energy adoption, support sustainable agriculture practices, and incentivise energy-efficient technologies. By encouraging sustainable choices among its customers, Co-operators is contributing to a more sustainable future.

Co-operators also extended its commitment to sustainability to its investment practices. It adopted responsible investment strategies that consider ESG factors when making investment decisions. By divesting from fossil fuels and investing in renewable energy projects and sustainable businesses, Co-operators demonstrates its dedication to a low-carbon and socially responsible economy.

Recognising climate change as a direct threat to its purpose of ensuring financial security for Canadians, Co-operators has a strong focus on climate change within its sustainability strategy. This strategy includes reducing carbon emissions associated with its operations and investment portfolio, supporting renewable energy initiatives, and advocating for policies that address climate change and promote resilience.

Co-operators believes in the power of collaboration and actively engages with stakeholders to drive sustainable change. It collaborates with industry peers, NGOs, government agencies, and community organisations to tackle common challenges and leverage collective knowledge and resources. By fostering strong relationships with stakeholders, Co-operators built a network of support and expertise to advance its sustainability goals.

As a cooperative, Co-operators has a strong commitment to the communities it serves. It invests in community development projects and initiatives that are aligned with its sustainability objectives. By providing financial support and expertise, it contributes to building resilient and sustainable communities and addressing social and environmental challenges.

To ensure transparency and accountability, Co-operators measures and reports its sustainability progress. It uses key performance indicators (KPIs) aligned with its sustainability goals and reports annually on its ESG performance. This enables stakeholders to track the cooperative’s progress and understand its contributions to sustainability.

Co-operators’ sustainability journey offers valuable lessons for organisations looking to embed sustainability and foster resilience:

• First, it is essential to start with internal actions. Assessing your organisation’s footprint, engaging leadership, and establishing clear sustainability policies are crucial initial steps.
• Second, collaboration and engagement with stakeholders amplify impact and foster collective action.
• Third, setting long-term goals aligned with internationally recognised frameworks, such as the UN SDGs, provides a clear direction for decision-making. Fourth, measuring and reporting sustainability progress demonstrates accountability and transparency.
• Finally, embracing resilience is key. Addressing climate change, social inequities, and other systemic challenges ensures long-term sustainability.