Net-zero intermediate targets.

Our net-zero commitment.

Vancity’s net-zero commitment means that by 2040, the greenhouse gas emissions from Vancity’s lending— mostly commercial and residential properties — will be eliminated or significantly reduced.

Our 2030 intermediate targets are a key step towards achieving this commitment. Setting intermediate targets on the path to net-zero helps us ensure that we’re on the right path, evaluate progress, and be kept accountable by our members.

Vancity does not lend to oil, or gas, or to many of the carbon-intensive industries that are the focus of efforts by others in setting intermediate climate targets. Our 2030 targets cover two main sources of financed emissions in our lending portfolio: residential and commercial buildings.

2030 intermediate targets: Real Estate.

For residential and commercial buildings we set the following absolute-reduction targets, covering a significant portion of the lending on our balance sheet:

• A 53 per cent reduction in greenhouse gas emissions per square metre of financed residential buildings by 2030 from a 2023 base year.
• A 60 per cent reduction in greenhouse gas emissions per square metre of financed commercial buildings by 2030 from a 2023 base year.

How we will achieve these targets.

The biggest challenge with reducing our financed emissions is that they’re not under our direct control. Rather, they are the emissions generated by our members as they live their lives and operate their businesses.

This means achieving our net-zero commitment will require:

• Member engagement: engaging with our members to support the emissions reductions they want to achieve in their lives and businesses.
• Policy advocacy: engaging with officials and policymakers to advocating for equity-focused climate policy at every level of government.
• Clean growth: increasing our lending in lower-emitting assets and businesses.

For up-to-date information about the specific plans and actions we are taking to achieve our goals, and for the progress made, read our Annual Report.

*In 2022, we set interim 2025 targets to reduce absolute building emissions, recognizing at the time that these targets would likely need revision as our tools, data, and methodologies improved. In 2024, we updated our real estate targets to reflect better emissions modeling and expanded the scope to include emissions from refrigerant use in buildings. Read our 2024 Climate Report to learn more.