- Grupo SURA ascended two notches in its performance rating having obtained a "B-", which shows that real and coordinated action is being taken on climate issues.
- In this external evaluation, the Company excelled in Scope 1 and 2 emissions, reduction initiatives, governance, business strategy, financial planning and scenario analysis.
- This evaluation recognizes not only the performance of Grupo SURA, but that of its subsidiaries SURA Asset Management and Suramericana, together with their own subsidiaries throughout Latin America.
Medellín. January 13, 2023 Grupo SURA's climate change management improved significantly over the last year. This was confirmed by the most recent CDP report, according to which the Company went from a "C-" to a "B-" rating in 2022, thereby surpassing the average score of companies both globally and in Latin America.
"This rating reflects the measures that the Company has been taking in its handling of natural capital, as a fundamental component for achieving sustainable profitability, which is our strategic purpose. This year we prioritized our initiatives regarding sustainable finance and investments, risk analysis and opportunities arising from climate change," stated Maria Mercedes Barrera, Corporate Citizenship Manager of Grupo SURA.
CDP is a non-profit organization that hosts a global disclosure system for investors, companies, cities, states and regions in order to be able to manage their environmental impact. Over the past 20 years, CDP has created a reporting system regarding environmental engagement around the world and, by means of a detailed questionnaire, provides an annual assessment of the climate change management performance of the entities invited to respond.
The "B-" rating awarded to Grupo SURA is equivalent to the category that the CDP calls "Management Performance”, which means that the Company is taking real and coordinated measures on climate issues.
In particular, the performance of Grupo SURA and its subsidiaries stood out in the following components: Emission Reduction Initiatives ("A"), Governance ("A-"), Emissions in Scopes 1 and 2 ("A"), as well as Business Strategy, Financial Planning and Scenario Analysis (B).
Measures that contributed to the improved rating awarded in the CDP Report for 2022:
- Grupo SURA and its subsidiaries are firmly committed to incorporating environmental, social and governance (ESG) criteria in their business decisions and, specifically, in their investment decisions. This is embodied in the Group´s Sustainable Investment Framework Policy, which was updated in 2021, as well as its Climate Change Action Framework and the different manuals and procedures drawn up by our subsidiaries, in line with the previous frameworks.
- Suramericana and SURA Asset Management have insurance solutions and investment products that incorporate environmental criteria. Their portfolios also include thematic investments, such as green bonds.
- In 2022, Grupo SURA made progress in identifying climate risks and selecting scenarios for quantifying the financial risk from such exposure, and together with its subsidiaries, moved forward with measuring their financed carbon footprint.
- Furthermore, the Board of Directors is the Company's highest authority in charge of guiding and following up on the measures taken by Senior Management as part of the Group´s climate change strategy.
- Grupo SURA and its subsidiaries have implemented measures to reduce their carbon footprint. In 2021, the Company reduced its consolidated Scope 1 emissions by 20% and, in the case of Grupo SURA and Suramericana, achieved carbon neutrality in Scope 2, thanks to the purchase of I-REC-certified energy.
"The CDP score allows us to assess our climate change management performance over the past year, and also indicates areas that need our attention. For this reason, we shall continue to expand the coverage of our financed emission metrics, propose management strategies for our footprint and incorporate climate risks in our valuation models," concluded Lina Uribe, Grupo SURA’s Head of Sustainability.