Vancity announces 2025 financed emissions reduction targets
Vancity is 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 Banking Alliance (NZBA) and is taking a rigorous approach to climate science-aligned target-setting.
- Vancity is 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 Banking Alliance (NZBA) and is taking a rigorous approach to climate science-aligned target-setting.
- The credit unions 2025 absolute-reduction targets cover the two main sources of financed emissions in its lending portfolio: residential buildings, and commercial service buildings.
- The targets are as follows:
For residential and commercial buildings, which cover 81% of the lending on Vancitys balance sheet, the credit union is targeting the following by 2025:
A 17 per cent reduction in absolute financed emissions for residential buildings by 2025 from a 2019 base year. - A 27 per cent reduction in absolute financed emissions for commercial real estate service buildings by 2025 from a 2019 base year.