Desjardins Group announced the implementation of an ambitious action plan that will allow it to achieve, by 2040, a net‑zero emissions footprint for its extended operations and for the financing and investment activities of its own funds in three key carbon‑intensive sectors: energy, transportation and real estate.
In response to the growing expectations of its members and clients, this plan adds to the concrete actions implemented since 2017 and reflects the desire to accelerate progress and increase Desjardins’s influence in the fight against and adaptation to climate change.
"Climate change has undeniable impacts on the environment, society and the economy. Knowing that our actions will help shape the world in which our young people will live, we are more committed than ever to supporting a just energy transition and to taking leadership toward an increasingly low‑carbon economy," said Guy Cormier, President and Chief Executive Officer of Desjardins Group.
Thus, for the first five‑year milestone of its plan that will lead it to 2040, Desjardins is committing in particular to:
- Support and accompany large companies in carbon‑intensive sectors that:
- demonstrate performance in integrating environmental, social and governance (ESG) criteria;
- integrate climate risk;
- set credible greenhouse gas (GHG) reduction targets.
- Increase its support for the renewable energy sector by:
- increasing the share of renewable energy in its financing provided to large companies in the energy sector from 24% in 2020 to 35% in 2025;
- building a $2 billion portfolio of investments in renewable energy infrastructure (an increase of 66% compared with 2020);
- financially supporting the development of 5 projects to convert residual organic matter, notably agricultural, into renewable energy (biomethanation).
- Work in concert with around one hundred key suppliers to gradually reduce the carbon footprint of its supply chain. Desjardins has recently revised its procurement policy to integrate ESG factors.
- Train its employees on the principles of sustainable development to better support its 7.5 million members and clients. Indeed, by 2023, 85% of the 48,000 employees will have completed this mandatory training. And to be able to better raise client awareness about responsible investing, employees who play a key role in the design or advice of such products will receive more specialized training in this area.
"At Desjardins, we work to guide our members and clients toward ever better‑informed choices, notably by offering products and services that have favorable impacts on their ecological footprint. Thanks to our plan and the actions already in place, we meet their financial needs while paying close attention to their concerns about the climate emergency," added Mr. Cormier.
By joining the Partnership for Carbon Accounting Financials (PCAF) to measure, with rigor and according to recognized methods, its GHG emissions (financing and investments) and by aligning with the most up‑to‑date knowledge and research on climate science, Desjardins Group is undertaking this important challenge with confidence.
