Corporate Knights names Vancity top Sustainable Financial Institution

The Sustainable Banking League assessed 114 financial institutions around the globe with Vancity topping the ranking for a second year

Monday, October 2, 2023, Territories of Musqueam, Squamish and Tsleil-Waututh Nations/Vancouver B.C. - Vancity achieved top billing on Corporate Knights' and The Banker's 2023 Sustainable Banking League Table [Corporate Knights Ranking] for achieving the highest percentage of overall revenues determined to be sustainable. The Banking League analyzes the revenue sources of financial institutions that are signatories to the Net Zero Banking Alliance (NZBA) who also report under the Task Force on Climate-Related Financial Disclosures framework. More than 26 per cent of Vancity's gross revenue is sustainable.

The sustainability honour reflects Vancity's long track record of climate action. The ranking was earned from Vancity's provision of sustainable loans and the management of sustainable investments. Vancity is committed in its clean finance actions: It does not lend to the oil and gas sector; it offers 100 per cent socially responsible investments; and it is committed to bringing Vancity's financed emissions to net-zero by 2040.

“We are immensely proud that once again Vancity has achieved the top position on the Sustainable Revenue League Table,” said Nez Aquino, Interim CEO at Vancity. “This achievement is not just a milestone for our credit union, but it also underscores the growing importance of sustainability in the financial sector. As global challenges such as the climate crisis and social inequality continue to escalate, financial institutions will also have to place greater focus on the sustainability of their overall portfolio. Rankings like this one serve as vital reminders of the work that lies ahead,” continued Nez.

Corporate Knights ranked financial institutions based on their income from sustainable financing activities as a percentage of overall total revenue, instead of total sustainable revenue, to create a more direct comparison that reflects actual performance regardless of size.

Vancity has consistently prioritized sustainability as a core metric of success. It understands the impact it has on the climate and the communities it serves cannot be measured solely in financial terms. Topping this table demonstrates Vancity’s dedication to sustainable practices is not just a statement but a measurable reality.

For more background on Vancity's work in sustainable finance, visit https://rethink.vancity.com/