Vancity announces 2025 Financed Emissions Reduction Targets
GABV member Vancity took an important next step on its commitment to becoming net-zero by 2040, by releasing the emissions reductions it plans to make between now and 2025. They are the first Canadian Financial institution to set reduction targets for financed emissions in commercial and residential real estate under the target setting guidelines of the UN Net Zero (NZBA) and are taking a rigorous approach to climate-science-aligned target-setting. Their 2025 target is five years ahead of requirements for the NZBA for banking institutions to set absolute/and or specific emissions intensity scenario-based intermediate targets.
Vancity does not lend to or invest in oil, gas, or many of the carbon-intensive industries that are the focus of efforts by others in setting interim climate targets. Their 2025 absolute-reduction targets cover the two main sources of financed emissions in its lending portfolio: residential and commercial service buildings. The credit union has also set an engagement target for operational business loans.