Vancity in 2022: A Financial Force for Change
In a challenging economic year, Vancity stayed focused on achieving its vision of a transformed economy that protects the earth and guarantees equity for all.
We have your back, Vancity’s 2022 Annual Report, can be viewed at vancity.com/AnnualReport.
Action on the climate crisis remains a high priority. Vancity issued its first climate report this year. It includes progress on both Vancity’s commitment to achieve net-zero emissions across its loans and mortgages by 2040 and on meeting its Net-Zero Banking Alliance (NZBA) commitments. The climate report also includes disclosures on managing climate risks and opportunities, including through public policy advocacy, in alignment with the Task Force on Climate-related Financial Disclosures (TCFD), and detailed greenhouse gas emissions data and methodology.
Vancity’s annual reporting makes a point of showcasing impactful stories about its members and their communities.
Vancity uses its assets to create long-term value in communities, including providing essential services to people resettling in Canada, developing products and services that enable an equitable transition to a low-carbon economy, and directing financial capital to underserved groups.
Report highlights include:
- Commitment to the Progressive Aboriginal Relations™ certification program
- Named as one of Canada’s Top 100 Employers
- Financed the construction or renovation of 3,666 units of affordable housing
- Opened more than 1,700 Resettlement Assistance Program accounts for members coming mostly from Afghanistan, Syria, and Ukraine
- Offered specialized grants focused on emissions-reducing retrofits to non-profit housing providers
- Financed 617,024 square feet of energy-efficient buildings
- Launched a support service called Home Energy Advice, to provide expert advice to help members reduce emissions
- Grew total assets and assets under administration from $33.2 billion to $34.3 billion
- Invested $16.8 million back into community through not-for-profit organizations and businesses
Vancity’s values-based banking model is aligned with the United Nations’ Sustainable Development Goals. Vancity’s annual reporting was prepared in accordance with the International Integrated Reporting Framework, the Global Reporting Initiative Sustainability Reporting Standards, and applicable metrics of the Sustainability Accounting Standards Board (SASB). This is Vancity’s third public report on how it is living up to the UN Principles for Responsible Banking (PRB), and its first time having the PRB Self-Assessment externally assured.
Vancity is a values-based financial co-operative serving the needs of its more than 560,000 member owners and their communities, with offices and more than 50 branches located in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay, within the territories of the Coast Salish and Kwakwaka'wakw people. With $34 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.