Enough is enough: Canadians want companies to take action on landfill waste

Canadians’ waste reduction efforts

According to results from the Co-operators survey, Canadians want more effort from corporate entities regarding waste with 75% saying it's critically important for companies to responsibly manage their waste.

That demand for corporate responsibility was most prominent among younger Canadians. Nearly half (49%) of Gen Z said that sustainability is more the responsibility of corporations than individuals, compared to less than a quarter (23%) of boomers.

However, this older generation was the most likely to take individual actions to help prevent sending waste to landfill (78% compared to 57% of millennials and 49% for Gen Z).

Those generational differences extend to other aspects of a sustainability mindset. Boomers are the most likely to engage in individual actions such as recycling and composting (83%) and avoiding products with excessive packaging (50%).

Across the provinces, Quebecers are the most likely to believe Canada generates too much waste (85%) and more likely to prioritize supporting sustainable companies (61%).

However, the issue of waste reduction is not confined to specific areas of the country. More than half of Canadians (6 out of 10) believe that better waste management programs are necessary in rural environments, while nearly 7 out of 10 say that Canadians in urban environments need better education on sustainable purchasing behaviours, waste mitigation and repairing.

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What Canadians can learn

The Co-operators survey was commissioned as part of its Claim Changers initiative. The goal of this initiative is to get people to change the way they think about insurance and waste.

At this point in time, only a quarter of Canadians know that repair or restoration is an option for insurance claims, and only 1 in 5 Canadians, who filed an insurance claim in the last five years, say they've been given the option to repair rather than replace.

This replacement mentality appears to contradict what Canadians want — with two-thirds of respondents saying they would prefer to repair items if they can be restored to their original condition and 50% stating that sentimentality fuels their interest in repairing the item rather than replacing it.

Additionally, women are 10% more likely than men to prefer repairing an item, but less likely to know it’s an option.

"Our survey found that nearly half of Canadians aren't even considering where their insurance-related waste is going, but we are," Bran said.

To make a more meaningful impact, Co-operators implemented what it calls "sustainable claims" where the insurance provider reduces waste by prioritizing repair over replacement. "When we must replace, we empower our clients to live a more sustainable life by providing more sustainable options."

Insurance industry continues to take climate change action

This is not the first time an insurance provider has raised the alarm on potentially damaging practises within Canada. Decades ago, various insurance providers (both in Canada and around the globe) starting to petition governments for more robust overland flooding maps, in an effort to appreciate and understand the impact of water damage on residnential communities. While there is still much work to be done, insurance providers continue to work with government departments and various agencies to strengthen warning systems, initiate more sustainable processes and develop more responsible plans.

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How Canadians can support sustainable plans

For Canadians concerned with global climate conditions or worried about the impact of current waste practices there are practical steps to take.

• Get familiar with what the Canadian government is doing about climate change
• Learn how to choose your medical procedures wisely
• Reduce organic waste by creating grocery lists and meal plans
• Dress responsibly (did you know the fashion industry accounts for up to 10% of global carbon emissions – more than all international flights and maritime shipping combined)
• Invest in what you believe by picking socially responsible firms

Interested in sustainable investing? Here's what you need to know

Sustainable investing is about directing investment capital to companies that care about making a positive social impact. It has become increasingly important as society battles threats from the climate emergency and environmental destruction, but also still struggles to promote gender equality and the protection of human rights. Sustainable investing also means looking at how a company handles security and privacy, the make-up and independence of its board of directors, and other factors such as tax transparency and conflicts of interest.

This type of investing has been around for centuries, with investors not only boycotting certain companies for ethical reasons, but also avoiding entire countries that were involved in the slave trade, wars or violating basic human rights.

There are three styles of investing that socially conscious investors can choose to fulfill their mandate: environmental, social and governance (ESG), socially responsible investing (SRI) and impact investing.

These terms are often used interchangeably, but in reality, they each have different meanings for investors:

• ESG considers a company’s environmental, social and governance practices, coupled with traditional financial measures.
• Socially responsible investing (SRI) involves actively removing or choosing investments based on specific ethical guidelines.
• Impact investing is about helping a business or organization complete a project, deliver a program, or create something positive to benefit society.

Getting started with SRI

One of the easiest and most cost-effective ways to get started with sustainable investing is to invest in an SRI portfolio through a discount brokerage.

For instance, Questrade offers five Questwealth professionally managed SRI portfolios, ranging from conservative (for those with a low risk tolerance) to aggressive (for investors who want to maximize potential earnings). The management expense ratio (MER) is just 0.25% for portfolios under $100,000 (and 0.20% for portfolios with $100,000 or more). To get started open a Questwealth account.

Another great option is through Wealthsimple. As a leading online brokerage, Wealthsimple offers a variety of SRI strategies, including halal, socially responsible and portfolios focused on human rights or other critical areas. You can also select where you’d like to place your investments, whether in a Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), or other type of registered account. Like Questrade, Wealthsimple offers an autoinvest (aka: robo-advisor) option or you can opt to do it yourself by opening a Wealthsimple trading account. Both options give you $25 cashback as well as $0 fees for trading stocks and ETFs.

Sources

1. Co-Operators: Landfill Waste Key Contributor to Climate Crisis, Young Canadians Want Companies to Take Action (June 4, 2024)

2. Government of Canada: Canada’s Climate Actions for a Healthy Environment and a Healthy Economy)

1. ChoosingWiselyCanada: Choosing Wisely & Climate Action

1. RKHomeowner: Save Up to $496 Each Month on Food Costs with these 3 Tips (April 11, 2022)

1. UNEP: 10 ways you can help fight the climate crisis (May 4, 2022)

1. Questrade: Socially Responsible Investing