Measuring performance
We are dedicated to the delivery, operations and governance of payment systems that are innovative, secure and globally connected. Responsible business practices enhance the sustainability of our economy and support those who rely on it.
In 2023, we conducted a greenhouse gas (GHG) inventory to measure our emissions. Our inventory concluded that in 2022, our Scope 1, 2 and 3 GHG emissions were 304.9 tonnes of C02e, made up primarily of energy purchased in operations controlled by our organization, purchased capital goods and corporate travel.
We established 30 sustainability-related metrics in our sustainability strategy. The baseline data will inform our approach to sustainability in 2024.
Sustainability priority areas
Sustainability comes to life at our organization across the three-pillar framework of environment, social and governance (often referenced as ESG). We will fulfill our sustainability strategy by focusing on material topics that represent our most significant impacts on the economy, environment and people:
- Environmental focus areas include: managing energy, water, waste and greenhouse gas emissions
- Social focus areas include: corporate citizenship and sustainable sourcing
- Governance focus areas include: business continuity and risk management, privacy and data protection, executive oversight and transparent reporting
These topics were chosen as a result of an assessment that captured the views of our internal and external stakeholders while incorporating guidance provided by the Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB). Each year we will reassess our material topics to update our priorities.
Committed to net zero
We recognize the importance of delivering a sustainable payment system for the hundreds of billions of dollars that are cleared and settled every day by Payments Canada. Our sustainability strategy will elevate the social, economic and environmental well-being of our organization and our community for countless generations to come.
Our organization is committed to achieving net zero greenhouse gas (GHG) emissions by 2050 to support a sustainable future. To help us achieve this goal, we have joined the federal government’s Net-Zero Challenge, led by Environment and Climate Change Canada. As part of this commitment, we hold ourselves accountable to:
- Reducing our business travel and opting for low-carbon travel methods, where appropriate
- Ensuring our headquarters are in buildings that are Leadership in Energy and Environmental Design (LEED) certified and prioritize sustainable operations
- Offsetting our remaining emissions through carbon credits
climate commitment
As part of our commitment to climate leadership and to assure alignment with similar organizations, Payments Canada will begin reporting using the Task Force on Climate-related Financial Disclosures (TCFD) in 2024. We will also report on our sustainability metrics in our Annual Report and outline our yearly sustainability strategy in our Corporate Plan.