GlobalData offers a comprehensive analysis of Fairfax Financial, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Fairfax Financial‘s ESG performance. GlobalData’s company profile on Fairfax Financial offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
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Fairfax Financial, a global insurance and investment company, is committed to reduce its greenhouse gas (GHG) emissions. Fairfax Financial is focusing on scope 1, scope 2, and scope 3 emissions, which include direct emissions from owned or controlled sources, indirect emissions from the generation of purchased energy, and other indirect emissions from activities such as business travel and supply chains.
The company has already taken several initiatives to reduce its environmental impact. Southbridge, a Fairfax LATAM entity based in Chile, has financed the "Degraded Land Afforestation" project, which uses fungi's natural power to restore degraded land. Southbridge has also implemented carbon footprint management initiatives. In 2021, Southbridge became Chile's first carbon-neutral insurance company by measuring and offsetting its carbon footprint.
Fairfax Financial is working towards calculating its carbon footprint and expects to report emissions for scopes 1, 2, and parts of 3 in 2023. The company is also finalizing consultation on appropriate emission factors recognized by the Intergovernmental Panel on Climate Change (IPCC) for comparable GHG emissions reporting across its entities. Additionally, the company's subsidiaries have implemented various environmental initiatives, including waste reduction schemes, recycling facilities, and energy-efficient appliances.
The company's insurance divisions, such as Allied World and Redwoods, are actively involved in climate change research and risk mitigation. They consider environmental and sustainable factors in their underwriting processes to reduce risk. Fairfax Financial is committed to managing both physical and transitional risks associated with climate change. The company monitors exposures from climate change and assists customers in mitigating climate risks.
In conclusion, Fairfax Financial is taking significant steps to reduce its GHG emissions and has implemented various initiatives, financed carbon offset projects, and is working towards calculating its carbon footprint. Its insurance divisions are actively involved in climate change research and risk mitigation. Fairfax Financial is committed to managing climate-related risks and exploring opportunities arising from them.
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