Commitments include joining the Partnership for Carbon Accounting Financials (PCAF) and pursuing a net-zero target in financed emissions.
On April 1, Scotiabank released its 2020 Environment, Social and Governance Report, a comprehensive review of the Bank's progress in delivering for every future. The report outlines Scotiabank's ongoing commitment to building a more resilient, inclusive and sustainable world by advancing the issues that matter most to customers, shareholders, employees, and communities.
Scotiabank's approach to ESG focuses on four pillars - Environmental Action, Economic Resilience, Inclusive Society, and Leadership & Governance.
"Scotiabankers remain deeply committed to advancing environmental, social, and governmental issues, while continually delivering for our customers, shareholders, and fellow employees," says Brian Porter, President and CEO of Scotiabank. "As a Leading Bank in the Americas, we play a vital, positive role in society by investing in communities across our footprint, addressing racial inequality, and mitigating the effects of climate change. We are very proud of the Bank's many contributions to these critically important areas."
Key ESG highlights from the report include:
Mobilized over $28 billion of the $100 billion committed to reduce the impacts of climate change by 2025
Served as bookrunner on more than $10 billion of green, social, sustainability and sustainability-linked bonds since 2014
Achieved a 20% reduction in operational greenhouse gas emissions from 2016 levels
Committed to secure 100% of electricity on a global basis from non-emitting sources by 2030; with an interim target of 100% for Canadian operations by 2025
Contributed nearly $85 million to communities through donations, community sponsorships, employee volunteering and other types of community investment
Launched ScotiaRISE – a 10-year, $500 million initiative to promote economic resilience among disadvantaged groups
Donated $16.6 million to support people and communities most at risk during the COVID-19 pandemic, including $7.2 million in support of hospitals and healthcare professionals
Launched renewed five-year Diversity and Inclusion Goals, with a focus on people who identify as Black, Indigenous peoples, visible minorities, People with Disabilities and Women
Signed the BlackNorth Initiative CEO pledge, which outlines seven goals for organizations aimed at helping to end anti-Black systemic racism and creating opportunities for all of those in the underrepresented Black, Indigenous and People of Colour (BIPOC) communities
For the third consecutive year, achieved top 1% in Corporate Governance among financial institutions globally according to the Dow Jones Sustainability Index, and awarded a perfect score on Anti-Crime Policies
Strengthened our commitment to responsible procurement and supplier diversity by joining the Canadian Aboriginal and Minority Supplier Council, and became an Aboriginal Procurement Champion for the Canadian Council for Aboriginal Business
Surpassed a 30% target of women on our Board of Directors with 42% of our nominated directors as women
Scotiabank continues to demonstrate our commitment to environmental action through our more recent climate-related initiatives and programs:
Launched Climate Change Centre of Excellence - Scotiabank recently established a Climate Change Centre of Excellence to mobilize internal and external collaboration and contribute to the global conversation on climate change. The online hub brings together thought leadership, partnerships and collaborations and helps move the dial on climate change discourse.
Joined the Partnership for Carbon Accounting Financials (PCAF) - Scotiabank has pledged to track and report financed emissions by joining the Partnership for Carbon Accounting Financials (PCAF) to support the collaborative development of leading methodologies.
Committed to pursuing Net Zero targets and Pathways - Scotiabank has committed to establishing bank-wide, quantitative, time-bound targets for reducing greenhouse gas emissions associated with our underwriting and lending activities. Such plans include a quantitative analysis of the greenhouse gas intensity of the bank's loan book and underwriting activities to establish a baseline, research on pathways to net zero, development of options for quantitative targets for reducing emissions, and creation of a report outlining greenhouse gas emission reduction plans, targets and timelines. Once such targets and plans are established, the Bank will announce by when and how it will achieve net zero and will report regularly on its progress.