Climate Change Data

Environmental Metrics

ESG Focus Areas

• Equity, Diversity and Inclusion (EDI)
• Climate Change
• Community Investment
• Social Purpose

Environmental Achievements

• Joined the Net-Zero Banking Alliance (NZBA) to achieve net-zero emissions by 2050
• $300,000 investment to support initiatives addressing social and economic inequity tied to climate change
• $65,000 donation to disaster relief efforts following B.C. floods and wildfires

Social Achievements

• Developed a five-year Equity, Diversity and Inclusion (EDI) Strategy
• $4.061 million invested in 117 community programs and organizations
• Launched Money Chat, a free online financial assessment and advice tool
• Supported employees through initiatives contributing to their physical and mental health and well-being
• Help Heroes employee volunteer program with 6,000+ volunteer hours contributed to 287 community causes

Governance Achievements

• Successful Certified B Corporation recertification with an 11.8% increase over the previous score
• Adoption and implementation of the Code of Conduct for the Delivery of Banking Services to Seniors
• 100% of senior leadership trained on EDI and anti-racism fundamentals

Climate Goals & Targets

Environmental Challenges

• Impacts of the COVID-19 pandemic on members, employees, and communities
• Social inequities and climate change
• Economic disparity and inequality
• Supply chain disruptions impacting commercial lending
• Inflationary pressures

Mitigation Strategies

• Member Financial Relief Program offering payment deferrals
• Flexible solutions for borrowers
• Support for business members through federal loan deferral programs (CEBA)
• Flood Relief Hotline and payment deferral program for flood-affected members
• Investment in technology and systems to enhance services and automate processes
• Focus on deepening member relationships and leveraging member engagement tools

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks

• Floods
• Wildfires
• Extreme weather events

Opportunities

• Development of sustainable investment products

Reporting Standards

Frameworks Used: B Corp

Certifications: Certified B Corporation

UN Sustainable Development Goals

• Not disclosed

Sustainable Products & Innovation

• Sustainable investment product

Awards & Recognition

• Platinum Club member of Canada’s Best Managed Companies
• One of Canada’s Most Admired Corporate Cultures
• BC Top Employer

Environmental Metrics

ESG Focus Areas

• Climate Change

Environmental Achievements

• Reduced operational emissions by 1.7% (19 tonnes) in 2022 compared to 2021.
• Identified a 53% reduction target in carbon intensity for the residential mortgage portfolio by 2030 (compared to 2022 baseline).

Social Achievements

• Invested $100,000 in Kwantlen Polytechnic University’s Farm Schools Program focusing on regenerative agriculture training and community engagement.
• Contributed $50,000 (Phase 1) and an additional $100,000 (Phase 2) to the Centre for Ocean Applied and Sustainable Technologies’ training and workforce development initiative.

Governance Achievements

• Established a Climate Action Working Group in 2022 to develop and operationalize climate strategy.
• Joined the Net-Zero Banking Alliance (NZBA) in 2021 and committed to achieving net-zero emissions across lending and investing activities by 2050.
• Incorporated B Corp score into executive's Long-Term Incentive Plan (LTIP).

Climate Goals & Targets

Environmental Challenges

• Data limitations in quantifying financed emissions, particularly for SMEs and lack of property-level data for residential mortgages.
• Challenges in accurately measuring operational emissions due to reliance on utility bills and variations in energy costs and carbon intensity.
• Need for more and better climate data and standardization of climate-related measurement methodologies.

Mitigation Strategies

• Engaged expert carbon-accounting consultants and internal subject-matter experts to ensure accuracy of calculations.
• Developed a system to capture data for emission calculations and identify gaps.
• Built internal assurance and testing processes to ensure accurate, reliable, and complete data.
• Investigating primary data collection methods to improve data systems and accuracy.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events (flooding)

Transition Risks

• Evolving market demands and regulations

Opportunities

• Green lending and investment opportunities

Reporting Standards

Frameworks Used: TCFD

Certifications: Certified B Corporation™

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Six Sustainable Fund investment plan options.

Awards & Recognition

• Not disclosed