Our Climate Change Journey

Libro recognizes climate change challenges

Climate change affects us all. Stakeholders and regulators are increasingly demanding financial institutions to take action to fight climate change. Libro recognizes that climate change is already presenting challenges, and we know the challenges will increase over time. We are committed to supporting Owners affected by this complex issue. Libro Owners and their prosperity are at the centre of everything we do and that’s why we have spent 2022 setting the foundations for learning about climate change, our impact and what we can do.

At Libro, we recognize we play a unique role in enabling a just transition to a net-zero economy. As a credit union, we know our impacts lie with our buildings, daily operations and in our financial portfolio.

Libro is doing the work

• We have partnered with Green Economy London to track our greenhouse gas (GHG) emissions and the impact from our buildings, daily operations of our business and business travel. We’re working to reduce them.

• We are developing a seven-year road map to help Libro achieve energy reduction through building updates and exploring renewable energy opportunities at our London administration building, which is our largest location and holds our highest direct GHG emissions.

• We are integrating sustainable energy design for our future branch renovations and builds.

• We are in the process of calculating our financed emissions impact – defined as the indirect greenhouse gas emissions attributable to financial institutions due to their involvement in providing capital or financing (EY, 2022).

• We have joined the Partnership for Carbon Accounting Financials (PCAF), a global industry-led initiative to measure and disclose the greenhouse gas emissions financed by loans and investments.

What does Net-Zero mean?

Net-zero is a target of completely negating the amount of greenhouse gases produced by human activity, to be achieved by reducing emissions and implementing methods of absorbing carbon dioxide from the atmosphere.

We expect to disclose both our operational and financed emissions baselines by 2024 and after that we will report annually on our progress in reducing emissions. The work we have done so far will support data-driven net-zero commitments in the future, and help us to develop our strategy.

Our decision to offer exclusively responsible investment options for all new mutual fund accounts opening in 2021 has continued to increase our Owners’ investments while making a positive societal impact.

$96.8 Million