The Stories Behind Vancity Responsibility
With the vision to transform the economy to protect the earth and guarantee equity for all, Vancity won’t make people choose either their wallet or the world.
Taking action on climate change
We understand that protecting and preserving our planet is everyone’s priority. To hand-in-hand with the government, we have five climate commitments for a clean and fair world. We aim for net zero by 2040 across mortgages and loans. It means that we attempt to decrease and eliminate carbon emissions from our operations by net zero. We also assist people to invest for the future by suggesting responsible investment options, which can represent the integrity of their Environmental, Social and Corporate Governance (ESG) screening and stewardship process. Additionally, we focus on equitable climate transition to help people who are affected by the climate emergency, as well as support for cleaner and more sustainable living. Being transparent and accountable is one of our commitments. We accurately measure and report on how our actions positively impact the community. Moreover, we use values as our guideline in taking actions.
Enhance financial inclusivity
As a financial institution that embraces equity and inclusivity, we are the first ever bank in Canada to allow women to lend money without their men. At Vancity, women can borrow money by themselves instead of having a man cosign a loan. Additionally, we are also the first company that working class and immigrant families could borrow mortgages from. In addition, we commit to helping our members to overcome hard situations, such as unexpected expenses, avoiding eviction or recovering from financial challenges.
Building affordable housing
To build a better community, we have assisted many residents in having their own homes. At Vancity, we cooperate with organizations for low-cost pre-construction loans by using your deposits to build affordable housing. By working with our community partners and gaining support from over 570,000 Vancity members, we are successful in increasing the supply of affordable rental and owned housing. Since 2011, our program has achieved significant financed goals, which are 5,658 units of affordable rental homes, 96 loans to community organizations and $39 million to develop affordable housing.
Reconciliation commitment
We aim to support the Indigenous community and ensure equal access for everyone at Vancity. As a first financial institution working close with First Nations government, we have designed particular banking solutions and unique needs for their members. Since reconciliation became our core organizational value, we committed to the Partnership Accreditation in Indigenous Relations (PAIR) program, which marks a new phase for Vancity’s journey. Additionally, we are also the founding partner of Reconciliation Canada and adopting the UN Declaration of the Rights of Indigenous Peoples. We have been trying our best to provide equal access to everyone since day one.
Equity and Anti-Racism Embracement
We can not provide equal access to our financial institution with the appearance of inequality and racism. We welcome everyone to be our employees and customers, no matter who you are or where you come from, at Vancity. With the BlackNorth Pledge Commitment in 2020, we have been continuing on it, and we need to use at least 3.0% of our grants for economic opportunities in Black communities. Besides, we also commit to leadership diversity. Our goal is to achieve 40% identifying as Indigenous, Black, people of colour, 2SLGBTQIA+, gender or sexually diverse, and people living with a disability in our board of directors and managers by the end of 2025.
We could not provide the world without the cooperation of our members. Join us in being a part of world transformation. We always believe that your small actions could make a big difference to the world.