Issued by Vancity
Vancity’s responses to the challenges of climate change, racism and the COVID-19 pandemic are outlined in Strength in community, Vancity’s 2020 annual report.
In a year of extraordinary uncertainty, 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 75 years. Vancity’s responses to the challenges of climate change, racism and the COVID-19 pandemic are outlined in Strength in community, Vancity’s 2020 annual report, which can be viewed at vancity.com/AnnualReport.
Action on the climate crisis is a key theme of the Vancity 2020 annual report. It includes Vancity’s first analysis of the financed greenhouse gas emissions on Vancity’s loans and investments using the Partnership for Carbon Accounting Financials methodology.
Vancity’s commitment to becoming an actively anti-racist organization is detailed throughout the report as is how the COVID-19 pandemic showed how a co-operative can mobilize its membership to help each other get through a crisis together. Stories that showcase how Vancity creates value include a social enterprise that feeds community, reducing landfill waste from building demolition, and support for local business to pivot and adapt during the pandemic.
2020 highlights in the report include Vancity’s:
Vancity’s values-based banking model is also aligned with the United Nations’ Sustainable Development Goals. The work that Vancity does to support the goals are highlighted throughout the 2020 Annual Report. The report was prepared in accordance with the International Integrated Reporting Framework and the Global Reporting Initiative Sustainability Reporting Standards, Core option. Its adherence to the AA1000 principles and key data in the report was externally assured. This is Vancity’s second year disclosing their approach to managing climate risks and opportunities in alignment to the Task Force on Climate-related Financial Disclosures (TCFD).
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 $30.5 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.