Vancity Joins Global Net-Zero Banking Alliance as Founding Signatory

Vancity Joins Global Net-Zero Banking Alliance as Founding Signatory

News Highlights

Mark Carney, UN Race to Zero Campaign and COP26 Presidency launch net-zero banking alliance to deliver Paris Agreement goals with collaboration, rigour, and transparency

Vancity is first, and so far only, Canadian FI to join the alliance

UNCEDED TERRITORIES OF MUSQUEAM, SQUAMISH and TSLEIL-WAUTUTH NATIONS and VANCOUVER, British Columbia, April 21, 2021 (News) — To reinforce its long-standing commitment to environmental leadership in the finance sector and help support global collective action on the climate crisis, Vancity today announced it is a founding signatory of the Global Net-Zero Banking Alliance (NZBA). This industry-led and UN-convened alliance has been co-launched by the United Nations Environment Programme Finance Initiative (UNEP FI), the Financial Services Taskforce of the Sustainable Markets Initiative, and joins forces with Mark Carney’s Glasgow Financial Alliance for Net-Zero (GFANZ) and the UN’s Race to Zero campaign.

Vancity is the first, and so far only, Canadian financial institution to join the alliance, which brings together 43 banks from 23 countries, that collectively control over $28.5 trillion in assets. A full list of banks can be found below in the Notes to Editors. Members of the alliance are committing to align operational and attributable emissions from their portfolios with pathways to net-zero by 2050 or sooner. Earlier this year, Vancity has announced a commitment to aim to reach net-zero across all mortgages and loans by 2040, along with four other climate commitments focused on people, transparency and investing. Vancity’s net-zero commitment means the carbon emitted from anything it finances will be eliminated or significantly reduced, with any remaining emissions being brought to net-zero.

Combining near-term action with accountability, NZBA sees financial institutions setting an intermediate target of 2030 or sooner, using robust, science-based guidelines, and it recognizes the vital role of banks in supporting the global transition of the real economy to net-zero emissions. NZBA is the banking element of the Glasgow Financial Alliance for Net-Zero and will work to mobilise the trillions of dollars necessary to build a global zero emissions economy and deliver the goals of the Paris Agreement. GFANZ will provide a forum for strategic coordination among the leadership of finance institutions from across the finance sector to accelerate the transition to a net-zero economy.

Quote from Christine Bergeron, CEO, Vancity:

“Financial institutions have an enormous economic and social footprint. We must rally that influence to take on the crisis facing our planet and support the shift to a low carbon economy that is clean and fair for everyone. Vancity is proud to be a founding signatory of the Net-Zero Banking Alliance, to support the global collective effort to limit warming to 1.5°C, to catalyze collaboration among the financial sector and to foster systemic change internationally.”

Financial institutions who have signed the commitment and joined the alliance will:

  • Align operational and attributable emissions from their lending and investment portfolios with pathways to net-zero by 2050 or sooner.
  • Within 18 months of joining, set 2030 targets (or sooner) and a 2050 target, with intermediate targets to be set every 5 years from 2030 onwards. All targets will be regularly reviewed to ensure consistency with the latest science (as detailed in IPCC assessment reports).
  • Banks’ first 2030 targets will focus on priority sectors where the bank can have the most significant impact, i.e., the most GHG-intensive sectors within their portfolios.
  • Within 36 months of joining, banks will set a further round of sector-level targets for all or a significant majority of specified carbon-intensive sectors, including: agriculture; aluminium; cement; coal; commercial and residential real estate; iron & steel; oil & gas; power generation; transport.
  • The commitment is designed to ensure that banks engage with their clients’ own transition and decarbonisation, promoting real economy transition
  • Annually publish absolute emissions and emissions intensity in line with best practice and within a year of setting targets, disclose progress against a board-level reviewed transition strategy setting out proposed actions and climate-related sectoral policies.
  • Take a robust approach to the role of offsets in transition plans.

The commitment is underpinned by the bank-led UNEP FI Guidelines for Climate Target Setting for Banks, also launched today. These guidelines have been developed by banks from the Collective Commitment to Climate Action, a leadership group under the UNEP FI Principles for Responsible Banking which Vancity is also a member of.

Notes to Editors

  1. UN-convened Net-Zero Banking Alliance: www.unepfi.org/net-zero-banking
  2. GFANZ background document: https://racetozero.unfccc.int/wp-content/uploads/2021/04/GFANZ.pdf
  3. Vancity’s Climate Commitments
  4. Vancity’s record on environmental leadership

Full list of participating banks in alphabetical order: ÅlandsbankenAmalgamated BankProdubancoBanco Grupo Promerica NicaraguaBanco PromericaBancolombiaBank of AmericaBanorteBarclaysBBVABNP ParibasCaixaBankCIBCitiCommerzbankCoopeservidoresCredit SuisseDeutsche BankEcology Building SocietyFana SparebankGLSHandelsbankenHSBCIbercajaIDLCÍslandsbankiKB Financial Group Inc.KCBLa Banque PostaleLGT Private BankingLloyds Banking GroupMorgan StanleyNatWest GroupRepublic Financial Holding LimitedSantanderSEBShinhanSociĂ©tĂ© GĂ©nĂ©raleSpareBank 1 ØstlandetStandard CharteredTriodos BankUBSVancity

About Vancity

Vancity is a values-based financial co-operative serving the needs of its more than 550,000 member-owners and their communities, with offices and 54 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the unceded territories of the Coast Salish and Kwakwaka’wakw people. With $30.5 billion in assets plus assets under administration, Vancity is Canada’s largest community 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.

Tweet us @vancity and connect with us on facebook.com/vancity.

For more information:

Media Relations | Vancitymediarelations@vancity.comT: 778-837-0394

  • Check the latest Business news updates and information updates.
  • Please share this news Vancity Joins Global Net-Zero Banking Alliance as Founding Signatory with your friends and family to support us your one share helps us a lot.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Travel Fairness Now and  News Travel Coalition Urge the US and UK governments to include consumers in negotiations with airlines about reopening transatlantic travel

Travel Fairness Now and News Travel Coalition Urge the US and UK governments to include consumers in negotiations with airlines about reopening transatlantic travel

News Travel CoalitionFounded in 1994, the mission of News Travel Coalition is to interpret industry and government policies and practices and provide a ...
Remastered 4K trailer of VEI and Paramount for Indiana Jones in UltraHD

Remastered 4K trailer of VEI and Paramount for Indiana Jones in UltraHD

Not done yet
 Visual Entertainment Inc. has revealed that they’ll be releasing Baywatch: Remastered on Blu-ray and DVD on 5/18 (SRP $109.99 and $69.99). For ...
In his speech on the state of the tribes, Johnson focuses on health, stereotypes and the “definitive culture of cancellation”

In his speech on the state of the tribes, Johnson focuses on health, stereotypes and the “definitive culture of cancellation”

“But most people fail to realize casino revenue supports much of the tribe’s government services,” Johnson said. “Many of those services like roads, bridges, ...
Review of the Famicom Detective Club: 30-year-old mystery games that still hold up

Review of the Famicom Detective Club: 30-year-old mystery games that still hold up

Oddly enough, playing Famicom Detective Club somehow hit that nostalgic spot for me, despite this being my entry into the series. I wasn’t sure why at first, ...
Gemini exceeds $ 30 billion in encryption in custody

Gemini exceeds $ 30 billion in encryption in custody

Did you like this article? We’re holding an online digital assets summit on 10 June. Click here to claim your place
 Gemini’s custodial services are used ...
Tesla and bitcoin stocks drop after Elon Musk says encrypted car sales will be halted due to mining energy use

Tesla and bitcoin stocks drop after Elon Musk says encrypted car sales will be halted due to mining energy use

Bitcoin prices BTCUSD, -4.33% fell by roughly $2,000 a coin after the tweet, from about $54,700 to roughly $52,600. Tesla shares ...
In the puzzle adventure game ‘Ever Forward,’ face your fears and unlock memories

In the puzzle adventure game ‘Ever Forward,’ face your fears and unlock memories

  Ever Forward tells the story of Maya, a young girl lost in a strange world, stuck somewhere between reality and imagination. She is on a journey of ...
How ICHRA is changing the face of health benefits

How ICHRA is changing the face of health benefits

Related Links SOURCE PeopleKeep www.peoplekeep.com About PeopleKeep Carriers like Aetna and Cigna are already committed to reentering the individual market ...
Show next
Compsmag - Latest News from tech, business and health
Logo