Libro recognizes that climate change is a real and pressing problem impacting the prosperity of our Owners and it demands action by all of us. As a purpose driven financial institution, whose aim is to grow prosperity in southwestern Ontario, we play a key role in driving sustainable growth and helping create a more sustainable future. This is no small task and we’re not afraid to do our part in tackling it alongside you, our Owners. Our ultimate goal is to help you become more resilient in the face of climate change.
What are we doing?
We’re learning and we’re planning. We’ve identified climate change as a key priority and are working to develop a strategy and set goals and targets. We also recognize that various sectors of our Owners will have differing challenges as we collectively address the issues of climate change. Libro has a desire to be an advocate for fair and responsible transitions that support all our Owners.
With the help of Green Economy London, we conducted our first ever greenhouse gas emissions (GHG) assessment on our operations, so now we have a baseline to work from and improve upon. We’re also following the guidance of the Task Force on Climate Related Financial Disclosures (TCFD) and conducted a climate maturity assessment to take stock of Libro’s current climate management actions within the framework’s four themes: governance, risk, strategy and metrics and targets.
As a certified B Corp, we’re using our B Impact Assessment as a guide to identify additional opportunities for improvement.
Libro Owners’ assets allocated to responsible investments increased 83% in 2021 when we moved to offering exclusively responsible investment options for all new mutual fund accounts opened. The investments have reduced CO2 emissions, helped to generate renewable energy, saved water, and reduced waste.
We’re accelerating our learning by partnering with people who work on climate change everyday. They are bringing us up to speed and educating us on how we can reduce our emissions and help our Owners do the same.
So, what’s next?
We’re focused heavily on research this year so we can create a solid plan and set goals to support Canada’s commitment to achieve net zero by 2050. Stay tuned for more on that.
Part of that plan will include reporting out to our regulators and Owners on our progress. We also think Libro can play a key role in helping educate our Owners on how they can best navigate this transition, so we are working on how best to do that.
What can you do as Owners?
We’re all on this journey together and by choosing to bank with Libro, you’re already using your money as a force for good. If you’re looking for ways to reduce your own emissions, here is a free resource from Project Neutral that helps you understand how some of your daily choices impact climate change.
Our leaders at Libro are always happy to discuss questions or concerns with Owners and the community. If you would like to contact us, you can do so here.
Stay tuned to hear more about our journey to help you be more resilient in the face of climate change.