Toronto, ON – April 22, 2024 – Meridian, Ontario’s largest credit union and one of the largest in Canada, released its 2023 Environmental, Social, and Governance (ESG) Report today, emphasizing its commitment to environmental stewardship. Coinciding with Earth Day 2024, Meridian is reinforcing its dedication to eco-friendly initiatives and sustainable practices.
Meridian’s ESG priorities are grouped into five pillars: Environmental Stewardship, Member Experience, Community, People and Culture, and Governance and Responsible Management. These pillars have helped us define our impact and fulfill our Member-focus and community purpose for more than 80 years. “As an inclusive, people-focused financial partner, we’re committed to helping our Members get the advice they need to build confidence and achieve their best lives," said Sunny Sodhi, Chief Legal and Corporate Affairs Officer, Meridian Credit Union. “Our 2023 ESG Report defines our obligations to environmental stewardship, governance and social responsibility.”
The 2023 ESG Report showcases Meridian’s climate commitment that drives climate-related initiatives and decision-making. Meridian’s goal is to be a local climate leader in the financial services sector by:
- Aligning our spaces with our climate goals, reducing operational impacts, and helping to build thriving communities.
- Ensuring all our emission sources are on pathways to net zero by 2050, or sooner.
- Committing to impactful climate policies and financially supporting the transition to a cleaner economy for businesses and Members.
- Communicating regularly with our Members and the public about Meridian’s progress.
In 2023, Meridian continued to support businesses that are making a positive impact on our environment and communities through key initiatives and financial products, including:
- Kindred Works, an innovative company that builds sustainable rental housing to help address the housing and climate crises, aims to house 34,000 people over the next 15 years. Meridian supports Kindred Works through a comprehensive banking package.
- Awarding $300,000 to small businesses making a positive impact on their communities through the Meridian Small Business Big Impact program. The 2023 winners included Community Builders, a not-for-profit construction company that offers people facing barriers to employment paid, hands-on learning opportunities in construction; GoodLot Farmstead Brewing Co., an organic hop farm and solar-powered brewery; and Aaniin Retail, Canada's first department store that is 100% Indigenous-owned.
- $161.6 million in Path to Purpose investments that support borrowers in three Path to Purpose categories including affordable housing, healthcare and social assistance, and borrowers who self-select through voluntary disclosure, such as a women-owned, Black-owned or Indigenous businesses.
"We are proud of our ESG achievements and progress in 2023, and we are on a journey of continuous learning and improvement in our ESG practices and reporting. We are focused on aligning ourselves with important global frameworks that measure ESG performance," said Sarah Saso, Vice President, ESG & Social Impact, Meridian Credit Union.
In celebration of Earth Day 2024, Meridian Credit Union is excited to share the launch of its Community Garden Initiative. This initiative will launch at select Meridian locations, including Virgil, Wainfleet, and Portage, fostering community engagement and promoting sustainable living practices. Produce grown from the community garden will be donated to local food banks to support those facing food insecurity.
For more information about Meridian Credit Union’s 2023 ESG Report, click here. Visit Meridian’s website for more information on our ESG initiatives.
About Meridian
Meridian is Ontario’s largest credit union, and one of the largest in Canada. Guided by our purpose, “helping you achieve your best life,” Meridian delivers personal, and wealth financial business solutions to over 380,000 Members. Our bold Meridian for Good strategy is aimed at helping people get access to the money and advice they need; plan for a better future that is clean, resilient, and diverse; and be financially confident. Meridian has two operating subsidiaries: Meridian OneCap Credit Corp (“MOCC”) and motusbank. For more information, please visit: meridiancu.ca.
We acknowledge the land on which we operate is the traditional territory of many nations including the Mississaugas of the Credit, the Anishinaabe, the Chippewa, the Haudenosaunee and the Wendat peoples and now home to many diverse First Nations, Inuit, and Métis. We also acknowledge that Toronto is covered by Treaty 13 with the Mississaugas of the Credit.
For more information contact:
Erick Bauer, Meridian
Erick.Bauer@meridiancu.ca; 416-587-4185