Canada's
Challenger Bank™ Provides Essential Financing to Darkwoods Forest
Conservation
TORONTO, Nov. 2, 2021 /CNW/ - Equitable Group Inc. (TSX:
EQB) (TSX: EQB.PR.C) ("Equitable" or the "Bank") today announced
that it has become carbon neutral in its Scope 1 and 2 greenhouse
gas (GHG) emissions, reflecting its commitments to sustainability
and the environmental advantages of its digital banking
capabilities.
The Bank's Scope 1 and Scope 2 GHG emissions resulting from
operations were equal to 553 tonnes of carbon dioxide equivalent
(tCO2e) in 2020, an amount that the bank has fully
offset through the purchase of Verified Carbon Standard (VCS)
emission reduction credits for Darkwoods Forest Conservation in
collaboration with Natural Capital Partners, a leading provider of
carbon neutrality and climate finance solutions.
"We believe that our purpose of enriching the lives of Canadians
can and should be accomplished simultaneously alongside a low
carbon transition," said Andrew
Moor, President and Chief Executive Officer. "As
today's announcement attests, 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.
As a result of our inherent business model advantages and
careful management of resources, we generate Scope 1 and 2
emissions per dollar of revenue that are far below branch-based
banks in Canada. Going forward, we
will continue to step up to make real and lasting change for the
environment as Canada's Challenger
Bank."
Looking Ahead: Scope 3 Emissions and
Target-Setting
With carbon neutrality across Scope 1 and 2
GHG emissions and progress towards disclosing the Bank's Scope 3
GHG emissions, Equitable will now engage on setting targets and
move forward on climate risk management activities.
"As we progress on our climate change journey, we are committed
to maintaining carbon neutrality in our Scope 1 and 2 GHG
emissions," said Mr. Moor. "But more than this, we will
create meaningful reduction targets and climate commitments that
align with the Bank's purpose and give customers, shareholders,
partners and our team the means of evaluating our performance and
our risks. Our made-at-Equitable ESG framework will be
informed by evolving best practices, including targets based on
science, net zero and the UN Climate Change Conference (COP26) in Glasgow that began on October 31st."
Methodology
Equitable engaged WSP in Canada to quantify the Bank's Scope 1, 2, and
3 GHG emissions applying methodologies from the GHG Protocol and
the Partnership for Carbon Accounting Financials.
About Equitable
Equitable Group Inc. trades on the
Toronto Stock Exchange (TSX: EQB and EQB.PR.C) and serves nearly
three hundred thousand Canadians through Equitable Bank,
Canada's Challenger Bank™.
Equitable Bank has grown to become the country's eighth largest
independent Schedule I bank with a clear mandate to drive real
change in Canadian banking to enrich people's lives. Founded
over 50 years ago, Equitable Bank provides diversified personal and
commercial banking and through its EQ Bank platform (eqbank.ca) has
been named #1 Bank in Canada on
the Forbes World's Best Banks 2021 list. Please visit
equitablebank.ca for details.
About Darkwoods Forest Conservation
Conserved in 2008
and expanded in 2019, Darkwoods is the single largest private land
conservation project in Canada.
Spanning remote valleys, mountains and lakes in the West
Kootenay region of B.C., Darkwoods provides essential habitat for
dozens of species at risk. The conservation area plays a central
role in a network of parks, wildlife management areas and
conservation lands that encompass over 1,100 km2.
The Darkwoods Forest Carbon 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 various 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.
About WSP
As one of the world's leading professional
services firms, WSP provides engineering and design services to
clients in the Transportation & Infrastructure, Property &
Buildings, Environment, Power & Energy, Resources and Industry
sectors, as well as offering strategic advisory services.
WSP's global experts include engineers, advisors, technicians,
scientists, architects, planners, surveyors and environmental
specialists, as well as other design, program and construction
management professionals. Our talented people are well
positioned to deliver successful and sustainable projects, wherever
our clients need us. wsp.com/en-CA
About Natural Capital Partners
With more than 300
clients in 34 countries, including Microsoft, MetLife, Sky,
Logitech and PwC, Natural Capital Partners is harnessing the power
of business to create a more sustainable world. Through a
global network of projects, the company delivers the highest
quality solutions to make real change possible and achieve carbon
neutral, 100% renewable energy and net zero goals: reducing carbon
emissions, generating renewable energy, conserving and restoring
forests and biodiversity, and improving health and livelihoods.
Natural Capital Partners was founded in 1997 and has teams in
the US, Europe, Asia and Central
America. It has been recognised as Best Offset
Retailer by Environmental Finance for the last 10 years.
SOURCE Equitable Bank