Vancity in 2021: Building a Clean and Fair World
In another year of economic uncertainty and recovery, Vancity was able to apply its values-based banking model for the benefit of members, employees, and communities. This is not new for Vancity – it has been doing this for over 75 years. Vancity’s responses to the challenges of climate change, racism and the COVID-19 pandemic are outlined in Change-makers, Vancity’s 2021 annual report, which can be viewed at vancity.com/AnnualReport.
Action on the climate crisis is a key theme of the Vancity 2021 annual report. It includes Vancity’s second analysis of the financed greenhouse gas emissions on Vancity’s loans and investments using the Partnership for Carbon Accounting Financials (PCAF) methodology.
Stories illustrate how Vancity creates value by providing basic financial services to people who are often excluded from conventional banking, by supporting training on zero-energy building techniques for new construction and retrofits, and by helping to create the circular economy by turning waste into a resource rather than a liability.
2021 highlights in the report include Vancity’s:
- Commitment to achieving net-zero emissions across its loans and mortgages by 2040.
- Five climate commitments to help realize the vision of a climate transition that is fair and includes everyone.
- A new, detailed appendix on financed emissions approach and methodology.
- Being a founding signatory to the UN Principles for Responsible Banking’s Commitment to Financial Health and Inclusion.
- Commitment to becoming an anti-racist organization and its participation in the 50-30 Challenge which sees it aiming to have a senior leadership team with at least 40% as Indigenous, Black, people of colour, 2SLGBTQAI+ and/or people living with a disability.
- Improved systems to gather insights on employee diversity while protecting employee privacy.
- 30 per cent of 2021 net income returned to members and communities totalling $31.9M – the largest payout in Vancity’s history
Vancity’s values-based banking model is also aligned with the United Nations’ Sustainable Development Goals. The report was prepared in accordance with the International Integrated Reporting Framework and the Global Reporting Initiative Sustainability Reporting Standards. Its adherence to the AA1000 principles and key data in the report was externally assured. The report also includes Vancity’s approach to managing climate risks and opportunities in alignment to the Task Force on Climate-related Financial Disclosures (TCFD) and its second public reporting on how it is living up to its commitments as a signatory to the UN Principles for Responsible Banking.
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 $33.2 billion in assets plus assets under administration, Vancity is Canada’s largest community credit union. Vancity uses its assets to help improve the financial wellbeing of its members while at the same time helping to develop healthy communities that are socially, economically, and environmentally sustainable.