Net zero by 2050
Supporting the critical task of transitioning to a low-carbon economy
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.
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.
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.
Our climate target was to achieve a 15% reduction in exposure to our six most carbon-intensive sectors below 2018 levels by 2023. In 2020, we surpassed that goal and strengthened it to target a reduction of 40% on the same timeline, which we achieved early in 2022.
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 approach is sector specific and will focus on supporting each customer in aligning with their sector’s pathway to net zero emissions.
Our operations have an impact on the environment and minimizing that impact is foundational to our net zero commitment. We continue to take action to reduce our operational emissions and report results annually, in alignment with industry standards, specifically the Greenhouse Gas Protocol.
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.
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.
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.
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.
Released a bond framework that helps finance solutions to address climate change and social inequity
Reduced exposure to our six most carbon-intensive sectors by 40% below 2018 levels
Joined the Powering Past Coal Alliance
Learn more about our approach to climate-related risk and planning, as well details about our climate strategy, metrics and performance in our annual TCFD-aligned climate-related disclosure.