Global disclosure organization scores Scotiabank higher than global financial services sector average
Submitted by Scotiabank
The CDP has recognized Scotiabank with a climate change score of 'B,' for its strong results in the areas of climate change governance; climate change risk management; and greenhouse gas emissions reduction initiatives. The CDP, a not-for-profit charity, provides a global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts.
Over 2330 companies have been scored by CDP according to the comprehensiveness of their disclosure and their actions towards a net-zero emissions economy, resulting in both a North American regional average and a global financial services sector average of 'C.' The scores, announced January 20, 2020, reflect company performance from November 1, 2017 to October 31, 2018.
"Scotiabank is committed to addressing climate change in our business activities and our operations, and demonstrating our commitment to customers, employees and shareholders," says Sandra Odendahl, Scotiabank's Vice President of Social Impact & Sustainability. "Scotiabank's CDP score demonstrates that we are on the right track with our efforts to help build a sustainable economy through our climate change strategy. We are adapting our practices to align with a low carbon future and supporting our clients in their own efforts during this time of important change."
In November 2019, Scotiabank formally released its climate change strategy and announced the Scotiabank Climate Commitments, which include a pledge to enhance the integration of climate change considerations into our lending, financing, and investing activities, and the Bank's operations, and further enhance risk assessment processes. Scotiabank's Climate Commitments also include a commitment to mobilize CDN $100 billion by 2025 to reduce the impacts of climate change.
Financial services support economic progress, allow people to pursue their ambitions and create 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 and communities, while also delivering returns for our shareholders. To read more about our sustainability strategy visit www.scotiabank.com/sustainability.
Scotiabank is a leading bank in the Americas. We are here for every future. We help our customers, their families and their communities achieve success 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 October 31, 2019), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.
For further information: For media enquiries only: Erin Truax, Scotiabank, erin.truax@Scotiabank.com, 416-578-9659
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