Scotiabank's Climate Commitments to
focus on a broad range of opportunities and initiatives across its
business lines and operations
TORONTO, Nov. 14, 2019 /CNW/ - Recognizing the critical
role that the financial services sector plays in the transition to
a low-carbon, more resilient and prosperous future, Scotiabank
today announced its Climate Commitments to support clients in the
transition to a low-carbon economy and decarbonize its own
operations.
Scotiabank's five commitments, detailed in a public position
statement on the Bank's website, are:
- Mobilize $100 billion by 2025 to reduce the impacts of
climate change.
- Ensure robust climate-related governance and reporting.
- Enhance integration of climate risk assessments in lending,
financing and investing activities.
- Deploy innovative solutions to decarbonize operations.
- Establish a Climate Change Centre of Excellence to mobilize
collaboration, dialogue and information-sharing and contribute to
the global conversation on climate change.
"Scotiabank recognizes that the changing climate is impacting
the business operating environment, creating new challenges as well
as opportunities in the economy," says Brian Porter, President and Chief Executive
Officer of Scotiabank. "Through our Climate Commitments, we are
building on our past efforts to capitalize on these opportunities
and effectively manage risks across our business. As a leading bank
in Canada and across the Americas,
we also play a unique role through our core business activities in
supporting our clients in the transition to a low-carbon
economy."
Scotiabank's Climate Commitments reflect its comprehensive
approach to addressing climate change, and illustrate the Bank's
commitment to our customers, shareholders, business, operations and
employees. Some of our recent climate-related
achievements include:
- Issued inaugural USD 500 million
Green Bond, in July 2019, aligned to
eligible criteria in the Scotiabank Green Bond Framework, including
renewable energy, clean transportation and green buildings.
- Developed a climate change risk due diligence and rating
methodology, and implemented training for all banking and credit
teams.
- Established an internal price on carbon in 2017, and are
on-track to achieve greenhouse gas reduction target of 10
per cent by 2021.
- Adopted a new approach to working at our head office in
Toronto, Canada, which has
reduced square feet per employee by 40 per cent, and is
expected to reduce paper use by 86 per cent.
Financial services support economic progress, allow people to
pursue ambitions and create more widespread future opportunities.
By paying careful attention to the areas where we feel we can have
the biggest impact, Scotiabank creates economic, social and
environmental value for our customers, employees, communities and
our planet, while also delivering returns for our shareholders. To
read more about our sustainability strategy visit
www.scotiabank.com/sustainability.
About Scotiabank
Scotiabank is Canada's
international bank and a leading financial services provider in the
Americas. We are dedicated to helping our more than 25 million
customers become better off through a broad range of advice,
products and services, including personal and commercial banking,
wealth management and private banking, corporate and investment
banking, and capital markets. With a team of more than 100,000
employees and assets of over $1
trillion (as at July 31,
2019), Scotiabank trades on the Toronto Stock Exchange (TSX:
BNS) and New York Stock Exchange (NYSE: BNS). For more information,
please visit www.scotiabank.com and follow us on Twitter
@ScotiabankViews.
SOURCE Scotiabank