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Carbon Accounting Helps Verity Track our Impact on the Climate

By VerityCU July 28, 2021 About verity

It’s one thing to track your actual imprint on the planet—how much do you drive, use electricity, contribute to landfills, etc. In the financial sector, we also have the ability to contribute, either positively or negatively, to the planet’s well-being through consciously choosing what types of projects to finance and which ones to avoid. For example, Verity does not participate in lending or banking companies that are connected to fossil fuel production. We do support lending for items that require fossil fuel to produce—such as automobiles and solar panels—but we do not finance the production or extraction of fossil fuel. When we measure the carbon impact of all of the things we have supported through financing, then we are truly looking at our carbon footprint as a financial institution.

Through our commitment to socially responsible banking, Verity has partnered with the Global Alliance for Banking on Values and the Partnership for Carbon Accounting (PCAF), to apply international standards to accounting for the overall impact of our loans and investments on the environment. This carbon accounting will allow us to see how we stand up to the goals prescribed in the Paris Agreement and monitor our progress over time.

In 2019, Verity joined 27 other financial institutions from around the world in signing the Climate Change Commitment and agreeing to measure our carbon impact by 2022. So far we have quantified our estimated carbon emissions related to our existing auto loans.  The next group we are working on is mortgages, and then business lending. Finally, we will determine how to incorporate solar loans to serve as a carbon offset. We expect to have all of this completed and presented to leadership by the end of this year so that we can set goals for the future.

Later this year, we will be publishing our annual scorecard from the Global Alliance for Banking on Values, including our carbon accounting measurements, on our website to provide the transparency our members deserve to be able to see the impact of their deposits on our communities and the environment.