Search:

Carbon Neutrality

Responsibility Overview Responsibility Framework Carbon Neutrality Corporate Policies
How did we achieve carbon neutrality?
  • 928
    • Carbon credits purchased
  • which offsets
    • 454 tCO2e
      • Scope 1 emissions from November 1, 2022 - October 31, 2023, that arise from stationary combustion and refrigerant gas
    • 474 tCO2e
      • Scope 2 emissions from November 1, 2022 - October 31, 2023, which are related to purchased energy

"We believe that our purpose of enriching the lives of Canadians can and should be accomplished simultaneously alongside a low carbon transition. We are achieving this alignment through our digital banking capabilities, energy efficient, cloud-based architecture, focused real estate footprint and the essential financing we are providing to the Darkwoods Forest Conservation in Western Canada. Going forward, we will continue to step up to make real and lasting change for the environment as Canada's Challenger BankTM."

-Andrew Moor, CEO

We have been carbon neutral in our Scope 1 and 2 greenhouse gas emissions since 2020. and are committed to maintain this position for years to come.

Our progressive approach to banking challenges the norms and is one that represents a bright future for all Canadians. We have a clear mandate to drive real change in Canadian banking to enrich people's lives, which includes preserving the beautiful country we call home. We recognize that, though becoming carbon neutral is a small gesture, we are doing what we can right now to offset our environmental impact. We have followed the greenhouse gas (GHG) Protocol and Partnership for Carbon Accounting Financials (PCAF) to measure our Scope 1 and 2.

 

Our Carbon Credits

The Darkwoods Forest Conservation Project is North America's first project to be certified under the Sustainable Development Verified Impact Standard (SD VISta).  This standard provides a framework by which projects may be assessed on the sustainable development benefits of the project and their contribution to the achievement of three United Nations Sustainable Development Goals. The project is independently verified to guarantee the highest environmental integrity and credits are dedicated to immediate emissions reduction, supporting the transition to a low carbon global economy. Purchasing VCS credits is in line with Equitable's commitment to combat climate change.

United Nations Sustainable Development Goals

The United Nations Sustainable Development Goals consist of 17 actions that, when acted on in partnership between developed and developing countries across the world, can cumulatively address the 2030 Agenda for Sustainable Development. The focus is on ending poverty and other deprivations and must go hand-in-hand with strategies that improve health and education, reduce inequality, and spur economic growth – all while tackling climate change and working to preserve our oceans and forests.

The Darkwoods Forest Conservation Project delivers on the following three of the 17 UN’s Sustainable Development Goals: 

The Great Bear Forest Carbon Project is a 218,000 hectare forest carbon project located in BC and owned and managed by the local Coastal First Nations with credits on the BC Forest Carbon Offset Protocol Registry. This project aligns with our ongoing commitment to reconciliation as proceeds are used to generate environmental steward jobs, support community development, youth programs and seniors’ centers.

The Quinte Conservation Forest Project is a 25,400 acre forest located on the Northeast shores of Lake Ontario with credits on the ACR Registry. The project is close to our headquarters and Ontario is our largest market. Recognizing many of our emissions occur in the province, we found it prudent to support a project that was close to home.

CarbonCure Technologies is a manufacturer of carbon removal and utilization technologies that inject captured CO2 into concrete with credits on the Verra Registry. As our balance sheet primarily consists of real estate loans, and 45% of our financed emissions are derived from mortgage lending, we wanted to support sustainability in the built environment. CarbonCure is a leader in sustainable concrete and carbon removals, reducing climate impact of construction activities. 

Back to top