China Life Insurance Company Limited
Climate Impact & Sustainability Data (2020)
Reporting Period: 2020
Environmental Metrics
Total Carbon Emissions:1,495,048.63 tCO2e/year
Scope 1 Emissions:61,770.86 tCO2e/year
Scope 2 Emissions:1,433,277.76 tCO2e/year
Scope 3 Emissions:Not disclosed
Renewable Energy Share:Not disclosed
Total Energy Consumption:348,219.81 tons of standard coal/year
Water Consumption:8,702,311.3 tons/year
Waste Generated:717.59 tons of electronic waste + 5,342.09 tons of other waste/year
Carbon Intensity:18.12 kg of CO2 equivalent / RMB 10,000 revenue
ESG Focus Areas
- Poverty alleviation
- Pandemic response
- Regional development
- Rural revitalization
- Financial risk prevention
- Customer service
- Employee well-being
- Green finance
- Low-carbon operations
- Corporate governance
- Compliance
- Supply chain management
- Health insurance
- Digital innovation
Environmental Achievements
- Reduced greenhouse gas emissions (though specific figures are not clearly stated and require further calculation from the provided data)
- Reduced paper consumption through paperless initiatives (exceeded 100 million online paperless insurance policies)
- Achieved “National Green Data Center” certification for its data center
Social Achievements
- Provided insurance coverage to 2.5 million frontline anti-pandemic personnel and over 14 million citizens
- Settled over 1,400 claims cases related to the COVID-19 pandemic, paying out over RMB 53 million
- Invested over RMB 4.7 billion in targeted poverty alleviation, lifting 1,281 poverty alleviation sites out of poverty
- Launched “Fast and Warm” claims service brand, improving claims settlement efficiency
- Gained 38.28 million new customers (37.3% year-on-year increase)
- Launched various initiatives for employee well-being and development
Governance Achievements
- Established an ESG management system with the Board of Directors as the highest body in charge
- Established the ESG Executive Committee and developed ESG and Social Responsibility Management Measures
- Maintained a Class-A rating for 11 consecutive quarters in its overall risk rating
- Improved information disclosure system and received A-level rating for information disclosure work
Climate Goals & Targets
Long-term Goals:
- Promote the effective connection between comprehensive poverty alleviation and rural revitalization
Medium-term Goals:
- Consolidate poverty alleviation results; help poverty-stricken areas achieve high-quality poverty alleviation
Short-term Goals:
- Continue to focus on China Life’s “Poverty Alleviation Insurance” Project
Environmental Challenges
- Complex external environment due to the COVID-19 pandemic
- Managing financial risks
- Ensuring supply chain sustainability
Mitigation Strategies
- Implemented decisions and deployments of the Party Central Committee to coordinate pandemic control, reform, and development
- Established a comprehensive risk management system
- Implemented ESG requirements into supply chain management
Supply Chain Management
Supplier Audits: 11,975 registered suppliers
Responsible Procurement
- Strict implementation of The Law of the People’s Republic of China on Bid Invitation and Bidding
- Incorporation of ESG requirements into supplier access, management, and evaluation
Climate-Related Risks & Opportunities
Physical Risks
- Not disclosed
Transition Risks
- Not disclosed
Opportunities
- Green finance investments
Reporting Standards
Frameworks Used: HKEX’s ESG reporting principles, UN Sustainable Development Goals
Certifications: National Green Data Center
Third-party Assurance: Not disclosed
UN Sustainable Development Goals
- Not disclosed
The report mentions alignment with the 17 UN Sustainable Development Goals but does not specify which goals are prioritized or how initiatives contribute to them.
Sustainable Products & Innovation
- Paperless insurance products
Awards & Recognition
- Most Admired Companies in Asia
- China Securities Golden Bauhinia Award
- Special Award for Smart Anti-pandemic Work
- National Green Data Center