March 5, 2019
Territories of Musqueam, Squamish and Tsleil-Waututh Nations / Vancouver B.C.
Following the Global Alliance for Banking on Values (GABV) Summit in Vancouver, Vancity has committed to a concerted, global effort among banking institutions to track and monitor the carbon impact of their portfolio of loans and investments within a period of three years.
The Climate Change Commitment, otherwise known as the ‘3C initiative,’ reflects the dire need to correct our current environmental trajectory and aligns with the Paris Agreement goals to keep global temperature increases this century well below 2 degrees Celsius.
“We can’t afford to wait. You don’t have to look far on the West Coast to see the impact that climate change and rising sea levels will have on our communities,” says Tamara Vrooman, president and CEO of Vancity. “How financial institutions allocate capital will be pivotal in making sure we are part of the solution.”
The GABV intends to use the measurement methodology known as the Platform for Carbon Accounting Financials (PCAF) developed by a group of Dutch banks to calculate the greenhouse gas emissions of their loans and investment portfolios. PCAF covers a number of relevant asset classes, including listed equity, project finance, mortgages, commercial real estate and corporate debt.
The initiative is part of the Global Alliance for Banking on Values’ larger commitment to spearhead positive change among the financial industry on pressing social and environmental issues. The participating institutions, who have combined assets of US $153 billion, intend to influence the wider banking sector by demonstrating that banks can assess and report on their greenhouse gas emissions. By doing so they plan to demonstrate to their stakeholders what their contribution is to keep the global increase in temperature within safe levels.
For more information visit: www.gabv.org
The members of the Global Alliance for Banking on Values have pioneered responsible finance proving, on a daily basis, that positive impact can be at the heart of everyday banking. Together they have financed positive social, environmental and cultural change all over the world. Addressing the urgent challenge of climate change, and decarbonising our economy, is only one part of this work, but it is more urgent now than ever. That is why the GABV’s 3C initiative members have committed to assess and disclose the climate impact of their portfolio of loans and investments within a period of three years, and ultimately to ensure the climate impact of their loans and investments are in line with the Paris Agreement.
The list of participating banks and credit unions who have agreed to the ‘Climate Change Commitment’ in the initial phase include:
The Global Alliance for Banking on Values (GABV) is a network of more than 50 banking leaders from around the world committed to advancing positive change in the banking sector. Our collective goal is to change the banking system so that it is more transparent, supports economic, social and environmental sustainability, and is composed of a diverse range of banking institutions serving the real economy. The GABV was founded in 2009, creating a network of progressive financial institutions who had already been operating in a sustainable and viable way for many years.
Global Alliance for Banking on Values members are focused on following the principles of values-based banking.
Vancity is a values-based financial co-operative serving the needs of its 570,000 member-owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka'wakw people. With $35.5 billion in assets plus assets under administration, Vancity is Canada's largest credit union. Vancity uses its assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
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