B.C.-based federal credit union joins global Net-Zero Banking Alliance and contributes $300,000 to climate related projects as Province experiences climate emergency.
Vancouver, B.C. (December 8, 2021) – Today, financial cooperative and social purpose company Coast Capital announced its pledge to join the Net-Zero Banking Alliance (NZBA) as part of a global, industry-led initiative to accelerate and support efforts to address climate change and achieve net zero emissions by 2050. To further support collective action on the climate crisis, Coast Capital has invested an additional $300,000 to support climate initiatives that contribute to systemic change and work to address social and economic inequity tied to climate change.
With British Columbia experiencing numerous major weather-related emergencies over the past six months, we are increasingly attuned to climate change’s dire effects on our communities. This year alone, the province has endured record-breaking heat, wildfires, and floods that have tragically taken lives and wreaked havoc on our agriculture, infrastructure and economy, displacing thousands and further exacerbating economic inequity. To address immediate needs following the flooding last month, Coast Capital donated $50,000 to disaster relief and is continuing to support its members who were affected through payment deferrals and grants.
This emergency has only added to the urgency and importance of addressing the systemic issues that have contributed to the climate crisis. Coast Capital is continuing to support long-term climate action through its $300,000 contribution, which will be distributed equally to three organizations: KPU Institute for Sustainable Food Systems, which focuses on cultivating sustainable regional food systems to develop food-related climate resilience in diverse communities across British Columbia; Reframed Initiative, a program of Pembina Institute which focuses on designing and advancing energy-saving retrofits that decrease emissions and reduce the climate impact of buildings; and Pacific Institute for Climate Solutions (PICS), which develops impactful, evidence-based climate change solutions through collaborative partnerships connecting private and public sector solution seekers with experts from B.C.’s four leading research universities.
“We recognize the urgency of addressing the climate crisis and understand the role financial institutions play in supporting the collective transition to a low carbon economy,” says Calvin MacInnis, President and CEO of Coast Capital. “By signing onto the Net-Zero Banking Alliance, we are committing to transition all operational and attributable greenhouse gas emissions from our lending and investment portfolios to align with pathways to net-zero by 2050, or sooner.”
As a social purpose company and a Certified B Corporation, Coast Capital is committed to building better futures by unlocking financial opportunities, positively impacting people and communities. A healthy environment is foundational to this future and requires a coordinated global effort. Through the Net-Zero Banking Alliance, financial institutions from 39 different countries are standing together and fully committed to a net zero future.
“This is an essential step for Coast Capital and we look forward to continuing our journey towards creating a clean and equitable economy for all,” says Maureen Young, Director of Coast Capital’s Social Purpose Office.
These initiatives are part of Coast Capital’s broader social purpose commitment to building a better future through combating rising income inequality and creating economic opportunities for all Canadians.
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About Coast Capital
At Coast Capital, we’re not dreaming about a better future, we’re building one. We’re a member-owned financial cooperative with an 80-year legacy of unlocking financial opportunities that positively impact people and communities. It’s our belief that every Canadian deserves a financial partner who actually cares how things turn out. Driven by our social purpose, we look at everything we do through the lens of how we can help our 600,000 members, our employees and communities. A proud Certified B Corporation®, we’re part of a global movement building a more inclusive, equitable and regenerative economic system. Each year, we invest 10% of our bottom line into our communities, which over the past two decades totals almost $90M. We’re deeply committed to making our financial cooperative a great place to work as demonstrated by some of our accolades. Coast Capital is a platinum member of Canada’s Best Managed Companies, one of Canada’s Most Admired Corporate Cultures, and a BC Top Employer. To learn more, visit us online at coastcapitalsavings.com.