Carbon Neutrality
- 1156
- Carbon credits retired
- which offsets
- 625 tCO2e
- Scope 1 emissions from November 1, 2023 - October 31, 2024, that arise from stationary combustion and refrigerant gas
- 531 tCO2e
- Scope 2 emissions from November 1, 2023 - October 31, 2024, which are related to purchased energy
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"At EQ, our purpose has always been to drive meaningful change in Canadian banking to enrich people’s lives. As a proud Canadian, I believe deeply in the responsibility we all share to protect the country we call home – its environment and its future. Supporting a low-carbon future for the Canada we love is central to that mission.
As we thoughtfully grow our business, we will continue to draw on the strengths of our digital-first approach, energy-efficient cloud infrastructure, carefully planned real estate footprint and the financing of important projects through the purchase of carbon credits to reduce our environmental impact in clear, measurable ways.
We will continue to advance this work with leadership, discipline and accountability, true to our role as Canada’s Challenger Bank and our commitment to helping build a more sustainable future for our country."
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.
We maintain a clear mandate to drive real change in Canadian banking to enrich people's lives. We have been intentional in our approach to addressing climate change, ensuring that our commitments are meaningful and transparent, and align with our business objectives and long-term sustainability. We continue to enhance reporting transparency and follow widely accepted industry standards to measure our greenhouse gas emissions.
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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 offers a framework to assess the sustainable development benefits of projects and their contribution to the achievement of three United Nations Sustainable Development Goals. Independently verified, the project ensures the highest environmental integrity, with credits dedicated to immediate emissions reductions, advancing the transition to a low-carbon global economy. Purchasing VCS credits aligns with Equitable's commitment to combating 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:
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The Great Bear Forest Carbon Project is a 218,000 hectare forest carbon project, owned and managed by the local Coastal First Nations with credits on the BC Forest Carbon Offset Protocol Registry, in British Columbia. This project aligns with our ongoing commitment to reconciliation with proceeds being used towards generating environmental steward jobs and supporting 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 in Ontario. We recognize that Onatrio is our largest markets and accounts for majority of our emissions and believe it is prudent to support a project that is 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.
We primarly lend on assets secured by real estate, with 64% of our financed emissions being derived from mortgage lending. In line with this, we are committed to support sustainability in the construction industry.
