ESG is a trending issue driving the conversation in our world today. From recycling, clean electricity, to reducing greenhouse gas emissions, Canadians are more passionate about creating an environmentally sustainable world for everyone than ever before.
Many credit unions in Canada have made valiant efforts to execute sustainable practices and initiatives to improve the quality of living for Canadians in their community. Below are a few ways that credit unions across the country have undertaken to promote social good, sustainability and reduce their environmental impact.
DUCA Credit Union
To further their efforts in fostering sustainability, DUCA Credit Union partnered with Credit Canada to launch the ‘Escalator Loan’ project – an initiative designed to help Canadians break free from debt and build their credit faster. The pilot project was engineered to develop a fairly priced product and advisory service for individuals who have demonstrated difficulties in accessing mainstream financial services. The pilot phase of the program saw astounding results with borrowers of the loan experiencing: a decrease in stress and anxiety from feeling a more manageable debt load, increased financial security, and feeling greater trust with their financial services provider. Learn more about the initiative here.
Vancity
Vancity has been a longstanding advocate for promoting affordable housing in Canada. Most recently, the credit union announced the launch of its Non-Profit Retrofit Housing Program to help housing providers to improve energy efficiency, reduce carbon emissions, and boost environmental sustainability in the B.C. This initiative marks another step in the credit union’s efforts to support climate-ready affordable housing, and build a clean and fair world where no Canadian is left behind. Learn more about this initiative here.
PenFinancial Credit Union
Credit unions’ roots are firmly planted in their communities. As part of their efforts to address our environmental impact and reduce their carbon footprint, PenFinancial Credit Union partnered with Bullfrog Power to install green electricity and green natural gas for all PenFinancial locations. In keeping with their commitment to sustainability PenFinancial Credit Union is working hard to review their internal processes to introduce enhancements such as e-signatures and online banking services to reduce paper use and need for members to travel to their physical branch to receive financial help. Read more about this project here.
East Coast Credit Union
East Coast Credit Union is committed to supporting practices to promote a greener and more sustainable future in the communities where we live and work. In 2022 East Coast Credit Union showcased their commitment to community, through their efforts to help the community of St. Andrews Branch in Nova Scotia reduce their carbon footprint. The credit union built a ground-mount solar system in the land behind the St. Andrews Senior Housing Authority to improve the heating efficiency to make it more affordable its residents. Additionally, the credit union chose to expand the St. Andrews walking and biking trail to reduce vehicular traffic and promote healthy living for residents in the community. Learn more here.
Libro Credit Union
As a certified B-Corp, in May 2021 Libro Credit union showcased their commitment to sustainability by exclusively offering responsible investment options for all new mutual fund accounts. This offering gives Canadians comfort that when their doing business with the credit union they can be confident their money is driving positive change in their community. Learn more about this offering here.