Bank joins global initiative as it launches new purpose, core values, and strategic plan for sustainable growth
In line with Laurentian Bank’s continuing efforts to assess and reduce the carbon emissions within itself and its entities, the bank has announced its decision to join the Partnership for Carbon Accounting Financials (PCAF).
Launched internationally in September 2019, the PCAF effort brings together financial institutions from all around the world to develop standardized procedures for monitoring and disclosing carbon emissions from their finance and investment activities. So far, more than 200 institutions and investors have signed up for the PCAF project.
“I am very pleased that the Bank is joining PCAF. Understanding and reporting on the GHG impact of our lending activities is a key element of our climate-related disclosures roadmap, and the PCAF Standard is a valuable framework to support this work,” said Yvan Deschamps, EVP and Chief Financial Officer of Laurentian Bank. “It also aligns with a key element of Laurentian Bank’s new strategic plan to make the better choice and change banking for the better.”
The announcement follows a series of steps the bank has taken to measure and minimize its carbon footprint. In 2020, it implemented a standard for assessing its carbon footprint based on the World Resources Institute and the World Business Council for Sustainable Development’s Greenhouse Gas (GHG) Protocol.
It has also set out a roadmap to implement the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Deschamps is the bank’s internal task force lead for that effort.
The bank’s latest announcement comes not long after it revealed its new mission, core values, and five-point strategic plan for long-term, sustainable growth on December 10, 2021. Integrating environmental, social, and governance (ESG) best practices into all corporate decisions and internal procedures is one of the plan's essential components.
“We are excited to learn from PCAF members while contributing to further development of the global standards,” Deschamps said.
