Vancity began operations in 1946 as an open-bond credit union in Vancouver, British Columbia, Canada. By asset size, Vancity is the largest community credit union in Canada as of 2019, with CA$28.2 billion in assets plus assets under administration, 60 branches and more than 543,000 members. Take the step to join Vancity and start making an impact today.Vancouver City Savings Credit Union, commonly referred to as Vancity, is a member-owned financial co-operative headquartered in Vancouver, British Columbia, Canada. It’s time to get everyone involved to make these important environmental shifts. Our money is supporting the transition to a low-carbon economy that puts people at its centre and leaves no one behind. Where we put our money is one of the most impactful individual actions we can take to fight the climate crisis. Is your money helping or hurting the earth? Vancity is working to finance a just low-carbon transition that leaves no one behind.” Alison explained, “we already don’t lend to or invest directly in fossil fuels, so we are in a strong position to make this transition from the outset. The earth desperately needs emissions to lower as soon as possible.Īs the only Canadian FI to be a founding member of the Net Zero Banking Alliance, Vancity has taken this commitment further with the goal to be net-zero by 2040. Net-zero emissions means that the emissions resulting from their lending and investment portfolios equals zero at mid-century. Under the United Nations Environment Programme Finance Initiative, the Alliance guides FIs towards net-zero GHG emissions by 2050. One of the main strategies for engaging FIs in fighting climate change is through the Net Zero Banking Alliance. As she put it, “what gets financed, gets done.” The organizers of COP26 agree with her: “The scale and speed of the changes we need to make will require all forms of finance… every financial decision needs to take climate into account.” What is Vancity doing? There is a lot that countries need to do, to lower their emissions and bring people along in a just transition – and finance plays a key role. This was the first time a binding agreement brought all nations together on a commitment to combat climate change.Īlison shared that one of the focuses of this year’s conference is finance. In 2015, the Paris Agreement saw world nations enter into a legally binding international treaty to limit global warming to well below 2 degrees. I recently met with Alison Coates, Vancity’s Director of Climate Strategy and Performance who explained that the world’s nations are meeting this month at the United Nations Climate Change Conference (COP26). I moved to a banking option that aligned with my environmental and social values. They could also be used to build a clean and fair world. Did riding my bike or reusing and reducing waste even matter if my money was still going towards pipelines and fracking projects?Īs I continued my research, I discovered that my deposits and investments didn’t have to create environmental devastation. After learning this, I started to question my actions. What this means is, my money was being loaned out to these projects and I was unknowingly funding the climate crisis.ĭiscovering this was a huge slap in the face. I was surprised to learn that most financial institutions (FIs) lend to or invest in fossil fuel projects. It may be funding the very things that I’m against. Once I started to educate myself, I realized that my money was doing more than just paying my bills. This is why I started taking the steps to learn about saving and investing. However, as I grew older, I grew more interested in the importance of finance. When I was younger, I didn’t know much about money and banking. It wasn’t until recently that I understood the impact where I bank has on the earth. Even more importantly, I didn’t realize that my money could be used to fight climate change. The environment has always been important to me.
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