Environmental pillar
Outcome Statement: CDIC will review our emissions footprint and the sustainability of its operations to inform emissions reduction efforts that could contribute to the Government of Canada’s efforts to reach net-zero emissions by 2050.
Anchor initiative: Greening CDIC’s Operations
Recognizing that reducing its climate-related impact is important, CDIC has made environmentally conscious decisions a priority for many years as part of its work to increase sustainability across its operations.
CDIC is working to review its greenhouse gas emissions footprint and the current sustainability of its operations. As part of this work, throughout 2022/2023, CDIC developed its inaugural Taskforce on Climate-Related Financial Disclosures (TCFD) report. The report was published as part of CDIC’s 2023 Annual Report, which is submitted to the Minister of Finance, tabled in Parliament, and then published on CDIC’s website.
As part of its TCFD reporting process, CDIC began development of its initial greenhouse gas inventory to serve as a baseline for informing emission reduction efforts that could contribute to the Government of Canada’s commitment to achieve net zero emissions by 2050.
CDIC’s leased office spaces in Ottawa and Toronto are both located in Leadership in Environmental and Energy Design (LEED) certified buildings that are located near public transit. These are long-term leases, but when evaluating future space changes, CDIC will continue to consider the impacts to sustainability, including factors such as whether potential premises are LEED-certified and the proximity to public transportation. CDIC has also transitioned to a hybrid work model that reduces commuting among employees and is moving towards electronic records and paperless work. CDIC will continue to look for opportunities to make improvements in this area.
Much is being done to improve the sustainability of CDIC’s day-to-day operations, but it is important to note that the primary source of emissions for CDIC is emissions from its investment portfolio holdings. These are a large part of the reportable emissions to which CDIC contributes indirectly but does not control. CDIC’s investment portfolio is composed of Government of Canada securities, Canada Mortgage Bonds, and provincial government bonds.
As at March 31, 2023, CDIC’s investment portfolio totaled $7.3 billion and is estimated to represent financed emissions of 1,856 thousand tonnes of carbon dioxide equivalent (tCO2e). The value of CDIC’s investment portfolio, and the associated financed emissions will be calculated annually as part of the Corporation’s Annual Report and the climate-related risk reporting process. CDIC’s investment portfolio is expected to continue growing. To maintain a consistent and relative comparison going forward, the ESG Strategy will track CDIC’s financed emissions per $1,000 invested as a key metric.
For detailed information on this pillar, please refer to the related documentation.