Innovation Credit Union is signing onto a United Nations commitment with a number of the world’s largest banks.
The Saskatchewan-based credit union is one of 130 institutions, representing over $47 trillion in assets, signing the United Nations’ Principles of Responsible Banking.
The principles represent a commitment “to taking on a crucial role in helping to achieve a sustainable future.”
By signing up to the principles, Innovation commits to “using our products, services and relationships to support and accelerate the fundamental changes in our economies and lifestyles necessary to achieve shared prosperity for both current and future generations.”
The principles, according to the release, will help the credit union identify “new business opportunities created by the emerging sustainable development economy.”
Innovation Credit Union CEO Dan Johnson said the U.N. principles aligned with the credit union’s pre-existing purpose.
Other Canadian financial institutions that have signed on include the National Bank of Canada and Desjardins Group.
Some major Canadian banks haven’t signed on, including Royal Bank of Canada, TD and CIBC.
Dr. Cyril Widdershoven writing for oilprice.com raised doubts about banks committing to the U.N. principles, and called committing to the principles “committing themselves to decrease their support and investments in the oil and gas sector [in] the coming years.” He wrote the principles would be a “$47 trillion death sentence for oil and gas.”
Committing to the principles, Johnson said, wouldn’t cause the credit union to de-invest in the oil and gas industry. In the organization’s “book of business,” Johnson said, “about three to five per cent of our overall assets are related to the oil and gas industry.”
He added the credit union has members who work in oil and gas.
Johnson encourages recycling regarding the renewals industry, Johnson said, “it's something we definitely have to pay attention to as a society.”
