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.
The first major step towards achieving this commitment are our 2025 interim targets. 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 interim climate targets. Our 2025 targets cover three main sources of financed emissions in our lending portfolio: residential buildings, commercial service buildings, and operational business loans. Vancity has also set an engagement target for operational business loans.
For residential and commercial buildings we set the following absolute-reduction targets, covering a significant portion (81%) of the lending on our balance sheet:
We have engagement targets for our operational business loan portfolio, with the goal to support our business members in reducing their emissions, specifically:
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.
Vancity has a particular interest in supporting small and medium-sized (SMEs) businesses to develop their climate action plans. These businesses contribute significantly to Canada’s economy, providing more than 70% of Canada’s private sector jobs, but are often overlooked in net-zero pathways and goals.
For more information about specific plans and actions we are taking to achieve read the Vancity Interim Climate Targets - Technical Report 2022.
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