Last month, CCUA and the credit union led Climate Change Disclosure Working Group, hosted a webinar with David Carlin, Program Leader from the United Nations Environment Programme (UNEP). The session focused on UNEP’s Task Force on Climate-Related Financial Disclosures (TCFD). The TCFD program helps dozens of financial institutions around the world understand the implications of climate change on their businesses and the economy overall. Most notably, the program is developing and implementing a set of best practices to evaluate and address climate risk.

The presentation began with an overview of how climate risks can present varying threats outside of nature and the environment. Aside from worsening environmental problems, drastic changes in climate can also drive financial risks. Climate change does not stand alone; it stands within other risks and exacerbates them. Physical risks brought on by climate change can present a microscale of physical damages but can also create macro-changes on the economic side. As a primary example, the agriculture industry may suffer due to changing weather patterns and issues with crops. Additionally, housing prices may fall due to constant flooding in new areas etc. These are all prominent issues that could become harsh realities.

During the session, Carlin also focused on the importance of “taking action now,” for the benefit of tomorrow. Implementing sustainable practices and policies is about being able to manage the future and understanding that in the face of uncertainty, businesses can be prepared and make the correct choices. That is the most important benefit a pre-emptive and proactive strategy provides. It’s vital for businesses and organizations to recognize that environmental changes are already taking place, and there is no better time to start working towards a sustainable future than today.

Many credit unions in Canada have already begun implementing sustainable practices and are becoming leaders in promoting an environmentally friendly ethos. As previously highlighted in CCUA’s 2020-2021 Community & Economic Impact Report, credit unions are responding to climate change by:

• Reducing paper waste through specific programs. (60% of credit unions).
• Implementing energy efficiency measures and building climate resilience within their organizations (40% of credit unions).
• Maintaining robust waste management programs to divert materials away from landfills (37% of credit unions).
• A Board-approved strategy to reduce the organization’s negative impact on the environment (15% of credit unions).
• Adopting climate-related financial risk disclosures (2% of credit unions).

Below is also a list of additional measures and programs some credit unions across the country have undertaken to promote sustainability and limit their environmental impact. 

Assiniboine Credit Union

To celebrate last year’s Earth Day, Assiniboine Credit Union shared a blogpost outlining all their environmentally friendly practices and the measures the credit union has in place to help combat climate change. From wide-reaching initiatives such as becoming carbon neutral, to smaller changes like upgrading lighting in older branches, Assiniboine has made “thinking green a priority. The credit union in fact has made major strides in its environmental initiatives — seeing a 56 per cent reduction in its greenhouse gas emissions since 2012. Read more about their work and achievements in this space, here. Most recently, Assiniboine is also becoming a signatory to BizforClimate; an emerging business-led advocacy group on climate resilience.

Coast Capital Savings

As a B Corp, Coast Capital has undertaken a number of initiatives to address climate change. They completed their first Greenhouse Gas (GHG) baseline assessment and are in the process of developing a roadmap towards reducing emissions. They continue to make energy efficient upgrades to facilities, including their state of the art LEED Gold certified Help Headquarters in Surrey, BC. Through ongoing digitization to their processes, they have reduce their paper consumption significantly. One initiative alone in their advice centre reduced over 60,000 pieces of paper a year. Coast Capital continues to look for ways to improve their sustainability practices in all areas of their business, including remote work planning and enhanced reporting.

East Coast Credit Union

In January 2017 and 2018 East Coast Credit Union made the largest green energy commitment of any credit union in Atlantic Canada by bullfrog-powering all branch operations (20 branches) and 30 ATMs across Nova Scotia with 100% green electricity. That means that Bullfrog Power’s generators put clean, pollution-free electricity onto the grid to match the amount of conventional power that East Coast Credit Union’s branches and ATMs use. Across Canada, Bullfrog Power’s green electricity comes from a blend of wind and low-impact hydro power sourced from new Canadian renewable energy facilities. Since joining the Bullfrog-powered community, East Coast Credit Union has put more than 1,125 MWh of clean, renewable electricity onto the grid and has displaced more than 1086.8 tonnes of CO2. This partnership not only helps reduce the credit union’s environmental impact across Nova Scotia but also supports the development of new community based renewable energy projects in their region and across Canada.

NBTA Credit Union

NBTA Credit Union offers preferred rates on loans to individuals who are upgrading their homes to more efficient technology. This program stemmed from the idea of one of their staff members and was developed into a larger program that is now being offered by several other credit unions in each of the Maritime provinces. Loans are offered for energy upgrades such as:

• Insulation improvements
• Window improvements
• More efficient heating and cooling systems
• Heat pumps / Geothermal systems
• Solar technology
• High efficiency appliances

Learn more about the program here.

OMISTA Credit Union

OMISTA Credit Union rewards members for making their homes environmentally friendly. The credit unions’ Green Choice Home Loan provides discounted loan rate to members who make environmentally friendly upgrades in their home. Similarly, the credit union also rewards remembers for choosing a greener mode of transportation. Learn more about this program here.

Vancity

Vancity has long history of promoting sustainable practices. Most recently, the credit union announced an overhaul its brand positioning and visual identity to better reflect a people- and planet-first ethos. Vancity has since released a new campaign titled “be a financial force for change” to launch the new creative direction. The credit union has also officially become the first Canadian financial institution to join the net-zero banking alliance as a founding signatory. Read more on the alliance here.