MONTREAL, March 21,
2024 /CNW/ - National Bank of Canada (the "Bank") today announced the
release of its latest environmental, social and governance reports,
which cover the year 2023. These are the Report on
Environmental, Social and Governance Advances (the "ESG Report"),
the Climate Report, the Inclusion, Diversity and Equity Booklet and
the National Bank Investments ("NBI") Report on Responsible
Investment Advances.
These reports are intended for a wide range of stakeholders and
present the Bank's commitments, strategies and achievements in this
area, as well as its key performance indicators. They are available
in the Commitments and impact section of nbc.ca.
National Bank: having a positive
impact in people's lives
The fifth edition of the Bank's ESG Report sets out its
commitments to various stakeholders and presents its advances, as
well as a dashboard used to track progress over time.
The nine ESG principles adopted by the Bank's Board of Directors
guide its actions in rolling out initiatives and are subject to
rigorous review by the Board.
Changes in 2023 include the addition of content on the
Principles for Responsible Banking, of which the Bank is a founding
signatory, and the inclusion of concrete examples of the Bank's
contributions to the community, as well as examples of how the Bank
supports its clients in the energy and social transition by
providing financing and advisory services.
Tracking greenhouse gas (GHG)
reduction targets and implementing the climate plan and the
engagement strategy
In line with its commitments under the Net-Zero Banking
Alliance, the Bank follows up on its interim targets for reducing
GHG emissions in carbon-intensive sectors, namely the Oil and Gas
Producers sub-sector, the Commercial Real Estate sector and the
Power Generation sector.
This fifth edition of the Climate Report (previously known as
the TCFD Report) also follows up on the target to reduce GHG
emissions from the Bank's operations by 25% by the end of
20251 to help limit global warming to 1.5˚C, the most
ambitious goal of the Paris Agreement.
The report presents a framework for implementing the climate
plan and the engagement strategy, which lays the foundations for
all stakeholders to make a voluntary, dedicated commitment to
reinforcing the shared goal of energy transition. Lastly, it
includes the Bank's new commitment regarding thermal coal, which
concerns existing clients in the mining and power generation
sectors.
A work environment that fosters
inclusion, diversity and equity
The Bank has an action plan that clearly defines promising
initiatives that will help us build an even more inclusive
culture.
The publication of the Bank's fourth Inclusion, Diversity and
Equity Booklet provided an opportunity to report on our progress
and the work that still needs to be done to achieve our ambitions.
It also reaffirms those ambitions and presents our representation
targets for 2026. This document results from our commitment to the
United Nations as a signatory of the Women's Empowerment Principles
and the Global Business Standards of Conduct for Tackling
Discrimination Against Lesbian, Gay, Bi, Trans and Intersex (LGBTI)
People, as well as our commitment under the Progressive Aboriginal
Relations program established by the Canadian Council for
Aboriginal Business and our commitment as a signatory to the
BlackNorth initiative.
Furthermore, the Bank is firmly committed to continuing to
promote its inclusive culture by leveraging our common values and
the richness of our differences, adapting our processes and systems
and implementing equity measures. As such, the Bank is proud to
participate in efforts to create an accessible and barrier-free
Canada.
Commitment to responsible
investment
NBI releases its 2023 Report on Responsible Investment Advances.
In a world in transition, we believe that responsible investment is
an intrinsic aspect of our fiduciary duty to Canadian investors and
a driver for wiser decisions. The 2023 edition provides an overview
of highlights, examples of successful engagement activities
conducted by our open architecture partners and details of our
ambitions for 2024 to 2026.
These reports contain a wealth of useful information, and
stakeholders are encouraged to review them in order to continue the
constructive conversations they have had with the Bank over a
number of years.
1
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This target includes
Scope 1, 2 and 3 emissions (Scope 3 includes employee business
travel and paper consumption as part of the supply chain) and uses
2019 as the reference year. This target includes our activities in
Canada and the United States, as well as our subsidiary in Dublin,
our branch in London and our representative offices
abroad.
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Caution Regarding Forward-Looking
Statements
Certain statements made in this press release are forward-looking
statements, including statements with respect to the Bank's targets
and commitments regarding sustainable development, environmental,
social and governance matters, including its inclusion, diversity
and equity commitments, reaching net-zero greenhouse gas (GHG)
emissions by 2050, as well as its interim targets and objectives of
reducing its GHG emissions from its operations and financing
activities, and actions that the Bank will take to achieve them,
including its climate strategy and all objectives related to
transitioning to a low-carbon economy and supporting clients in
this transition. These forward-looking statements are based on our
current expectations, estimates, and intentions and are subject to
inherent risks and uncertainties, many of which are beyond the
Bank's control and the effects of which can be difficult to
predict. These factors, risks and uncertainties are detailed in the
Caution regarding Forward-Looking Statements included in the Report
on Environmental, Social and Governance Advances, in the Inclusion,
Diversity and Equity Booklet, and in the Climate Report..
Additional information is also available in the Risk Management
section of the Bank's 2023 Annual Report and may be updated in the
quarterly shareholders' reports subsequently published. Investors
and others who rely on the Bank's forward-looking statements should
carefully consider the aforementioned factors as well as the
uncertainties they represent and the risk they entail. Except as
required by law, the Bank does not undertake to update any
forward-looking statements, whether written or oral, that may be
made from time to time, by it or on its behalf. The forward-looking
information contained in this press release is presented for the
purpose of interpreting the information contained herein and may
not be appropriate for other purposes.
About National Bank of Canada
With $434 billion in assets as at January 31, 2024, National Bank of Canada is one of Canada's six systemically important banks. The
Bank has approximately 30,000 employees in knowledge-intensive
positions and operates through three business segments in
Canada: Personal and Commercial
Banking, Wealth Management and Financial Markets. A fourth segment,
U.S. Specialty Finance and International, complements the growth of
its domestic operations. Its securities are listed on the Toronto
Stock Exchange (TSX: NA). Follow the Bank's activities at
nbc.ca or via social media.
About National Bank Investments
Inc.
National Bank Investments Inc.
("NBI") is an investment funds management firm committed to
manufacturing and offering mutual funds, investment solutions and
services designed to help Canadian investors pursue their financial
goals. As at December 31, 2023,
assets under management in NBI products were valued at over
$81.86 billion.
Guided by an open architecture strategy, NBI is dedicated to
providing diverse solutions to meet the evolving needs of its
clients. NBI consistently strives to be recognized as a key partner
by combining innovation and excellence. NBI's role is not limited
to administrative aspects of management; NBI Advisory Services and
its registered representatives form a team of specialists who
provide information and advice to help advisors build portfolios
adapted to their clients' financial needs. Follow NBI's activities
at nbinvestments.ca or via social media
such
as YouTube and LinkedIn.
National Bank Investments is a signatory of the United
Nations-supported Principles for Responsible Investment, a member
of Canada's Responsible Investment
Association, and a founding participant in the Climate Engagement
Canada initiative.
SOURCE National Bank of Canada