Desjardins Group targets green projects
By Adam FreillCommercial Construction Industrial Infrastructure
Cooperative financial group to provide up to $1 billion for projects aimed at reducing greenhouse gas emissions.
A loan guarantee partnership with Export Development Canada (EDC) will make $1 billion in funding available to medium and large export companies for such projects as green buildings over the next three years through Desjardins Group. The risk-sharing solution was developed to increase the financing available to businesses that want to reduce their greenhouse gas emissions and do their part to help Canada transition to a low-carbon economy.
“We need to help companies reduce their carbon emissions to more effectively fight climate change,” said Jean-Yves Bourgeois, executive vice-president of business services at Desjardins Group. “Desjardins Group’s partnership with EDC reflects its efforts to support a just energy transition and take a leadership role in the shift to a lower carbon economy. Future generations deserve for us to make every effort to ensure the current and future well-being of our communities.”
“Over the last year, EDC has expanded its partnership with Desjardins by leveraging our synergies to increase trade while finding new ways of reinforcing our commitment to carbon neutrality,” said Justine Hendricks, senior vice-president and chief corporate sustainability officer at EDC. “By offering our sustainable finance guarantee, we’re helping Canadian businesses transform their sustainable practices into sustainable actions, so they can remain competitive on foreign markets while contributing to a better world.”
Projects involving the circular economy, renewable energy, green buildings, sustainable food production, cleantech, and pollution control and prevention are just a few examples of projects that are eligible for this program.
Desjardins Group has implemented an ambitious plan to achieve net zero emissions by 2040 in its extended operations, and in its lending activities and own investments in three carbon-intensive sectors: energy, transportation and real estate. Included in the plan is an aim to build up a $2-billion portfolio in renewable energy infrastructure investments.