Net zero | EDC

^{ESG | Environment | Net zero |} ^{Operational footprint | Priority sectors}

^{ESG | Environment | Net zero |}
^{Operational footprint | Priority sectors}

Climate change is a significant and complex global challenge that will require action from all sectors of the economy, as well as governments and individuals. As part of this growing international effort, we’re committed to achieving net zero emissions across our business lines by 2050, and to lending our knowledge and solutions to support our peers, partners and customers to achieve this critical goal.

Our path to net zero

Achieving net zero emissions by 2050 isn’t an easy task and requires deep collaboration with customers, partners and other stakeholders. Our roadmap includes the following elements.

Calculating and reporting emissions

Achieving net zero requires accurate data and tracking. In 2021, we joined the Partnership for Carbon Accounting Financials (PCAF). Applying PCAF guidance to calculate emissions from our portfolio will help us better understand the risks and opportunities related to reducing carbon emissions.

2023 climate target progress

Prior to our 2050 net zero commitment, we set an interim target to reduce exposure in six of our most carbon-intensive sectors by 45% by 2023 from 2018 baseline levels. By the end of last year, exposure to our six most carbon-intensive sectors was $6.9 billion, compared to $22.4 billion in 2018. We not only met our target, we exceeded it, achieving a reduction of 69%.

2030 climate targets

Interim targets will help us build the momentum needed to achieve net zero by 2050. Our 2030 targets are science-based and designed to drive emissions reductions in line with a 1.5°C pathway. Our current approach is for the upstream oil and gas and airlines sectors and will focus on supporting each customer in aligning with their sector’s pathway to net zero emissions.

Operational emissions

Our operations have an impact on the environment and minimizing that impact is a key pillar to our net zero commitmen t. In 2023, we continued to offset our operational emissions by purchasing and retiring renewable energy certificates (RECs) to compensate for our Scope 2 electricity consumption and carbon offset credits to compensate for our Scope 1 and Scope 3 business travel emissions. We achieved a 25% reduction in Scope 1, 2 and 3 business travel emissions from a 2019 baseline.

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Sustainable finance

The transition to a low-carbon economy will require significant financial investment. We’re developing and expanding the solutions our customers need to help reduce their emissions through clean technology, sustainability-linked loans and other sustainable finance tools.

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Learn more about our plan

Achieving our net zero ambition will require a balance of both short- and long-term commitments, significant collaboration and constant evolution. The latest details about our plan, targets and progress are available in our EDC Net Zero 2050 disclosure.

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Climate change and people

We recognize the need to integrate our thinking on environmental and social issues. They’re inextricably linked and the transition to a low-carbon economy must look to address social inequities and support people, jobs and local communities. This linkage is reflected throughout our policies, processes and actions.

Supporting our customers

Customers are at the heart of our strategy and our goal is to help them succeed. Climate and environmental risk are changing the trade landscape—creating new risks, but also new opportunities. We’re working closely with our customers to understand the challenges they face and what they need to succeed. This engagement helps inform our decision-making around financing solutions, as well as where we can partner within the trade ecosystem to better support those needs.

Create your climate change report

For certain products, we require customers in the upstream and downstream oil and gas sectors to produce and publish a climate change report aligned with the Task Force for Climate-related Financial Disclosures (TCFD). This requirement will help enhance the future competitiveness and resilience of these customers while helping us better understand the climate-related risks and opportunities associated with their financing. We’ve developed a guide to help customers fulfill these reporting requirements.

Access the guide

Collaborating to drive momentum

The transition to a low-carbon and clean energy economy requires global commitment and collaboration. We’re an active partner, convener and participant across the trade ecosystem as members of key groups such as the Berne Union, Powering Past Coal Alliance and the Equator Principles.

We also work closely with our stakeholders, including the Government of Canada, our ESG Advisory Council, civil society organizations, industry and trade associations, bank partners, other export credit agencies, international partners and customers.

We use our breadth and depth of experience to share our approaches, gather feedback and continue to build momentum towards net zero.

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Our commitment in action

Sustainable bond framework

Released a bond framework that helps finance solutions to address climate change and social inequity.

45% carbon reduction target by 2023

Reduced exposure to our six most carbon-intensive sectors by 69% below 2018 levels.

2030 climate targets

Set sectoral, science-based targets that define the transition required in certain sectors by 2030 to keep on track for achieving net zero by 2050.

Climate-related performance and reporting

Learn more about our approach to climate-related risk and planning, as well details about our climate strategy, metrics and performance in our annual Task Force on Climate-related Financial Disclosure (TCFD)-aligned climate-related disclosure.

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^{ESG | Environment | Net zero |}
^{Operational footprint | Priority sectors}

^{ESG | Environment | Net zero |} ^{Operational footprint | Priority sectors}

Date modified: 2024-06-07