At CWB, we are committed to manage our environmental impact responsibility. We recognize that we have a part to play in Canada’s transition to net-zero emissions by managing our direct and indirect climate impact, supporting the ongoing success of our clients as they strive to achieve their climate goals and mitigating the risks associated with climate change.
Learn more about our approach in our 2022 Sustainability Report, located here.
Reducing greenhouse gas (GHG) emissions
Since 2017, we have estimated our Scope 1 and 2 GHG emissions for the Alberta Capital Region, which includes our Edmonton corporate office and Edmonton-area banking centres. Scope 1 and 2 GHG emissions are those that result from carbon-producing activities at our locations, primarily related to electricity and natural gas usage. For the Alberta Capital Region, we had previously set absolute emissions reduction targets of 15% by 2025 and 25% by 2035, based on our 2017 baseline.
In 2022, we expanded the estimation of our operational GHG emissions to include our corporate office space and banking centre network across Canada. We have also initiated the development of a comprehensive reduction plan and targets, which will replace our Alberta Capital Region targets and include our entire national footprint.
In the space we occupy, we:
- embed sustainable practices as we upgrade existing locations, including installation of occupancy sensors, LED lighting, and energy-efficient mechanical systems;
- ensure efficient features are installed at all new CWB locations; and,
- follow sustainability-focused industry standards in our design and construction processes.
Sustainable workplace practices
Throughout our operations, we:
- support flexible and hybrid work arrangements, with expected long-term benefits to our carbon footprint based on reduced commuting requirements for our team members;
- leverage digital tools to reduce printing, paper usage, courier services and unnecessary travel;
- encourage our teams to refuse, reduce, reuse, and recycle, including a focus on shredding and recycling paper;
- manage recycling efforts and discourage the use of single-use plastics. We do not procure single-use plastic products related to food consumption or non-recyclable coffee or tea pods in our locations; and,
- focus on recycling hardware and technology in partnership with a company dedicated to reduce electronic waste by recycling or refurbishing end-of-life electronic equipment.
To manage environmental risks and help mitigate our overall impact on the environment, we evaluate potential risks as part of our credit granting process. We continue to further integrate environmental risk factors, including climate risk, into our Risk Management framework.