TORONTO, Dec. 16, 2021 /CNW/ - Scotiabank is pleased to
announce it received a grade of A- for the second consecutive year
from CDP (formerly known as the Carbon Disclosure Project) in
recognition of its strong management of climate-related issues and
transparency in its disclosures. Considered "Leadership level" for
implementing current best practices, the A- score is above the
Financial Services Average of B and the North American Average of C
and distinguishes Scotiabank for its leadership in the evolving ESG
landscape.
The consistent A- rating reflects the Bank's climate change
strategy and Climate Commitments established to address the risks
and opportunities of the changing climate and the transition to a
low-carbon economy. The Scotiabank Climate Commitments also
include a commitment to governance and transparency in disclosure,
priorities that CDP also recognizes.
"CDP's annual climate questionnaire and scoring methodology is
widely recognized as the gold standard of corporate climate-related
reporting and transparency and we are honored to have received
these leadership results," says Meigan Terry, Senior Vice
President, Chief Social Impact, Sustainability and Communications
Officer. "We are also proud to have exceeded financial industry
average scores in every category, including scoring an 'A' in
categories of Governance, Emissions Reduction Initiatives and GHG
Emissions Disclosure, which we credit to our strong internal
governance processes and management approach to climate change
issues."
Scotiabank has made significant progress towards meeting its
Climate Commitments since launching them in November 2019, including:
- Mobilizing $58 billion in capital
toward our goal of mobilising $100
billion by 2025 to address the causes and impacts of climate
change
- Joining the United-Nations-convened Net-Zero Banking Alliance
(NZBA), a global initiative to accelerate efforts of the financial
sector in addressing climate change.
- Establishing Scotiabank's Net-Zero Research Fund , with
$10 million (CAD) allocated to help
advance research in support of the transition to a low-carbon
economy. In 2021 Scotiabank provided $1
million in grants to ten universities and research
organizations to support public policy and science and technology
research for the reduction of carbon emissions.
- Launching the Net-Zero Pathways Project with the goal of
establishing bank-wide, quantitative, time-bound targets for
reducing GHG emissions associated with our lending activities,
consistent with the ambition to be a net-zero bank by 2050.
- Staying on track to meet our target to secure 100% of
electricity for our operations from non-emitting sources by 2030 on
a global basis; with an interim target of 100% for Canadian
operations by 2025
- Joining the Partnership for Carbon Accounting Financials (PCAF)
to support and enable the development of measurement methodologies
to track and report financed emissions.
This latest recognition from CDP builds on Scotiabank's track
record of excellence in corporate sustainability, including recent
inclusion in the Dow Jones Sustainability Index North
America for the fourth consecutive year.
To read more about Scotiabank's sustainability strategy and
Climate Commitments
visit www.scotiabank.com/sustainability.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "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
approximately 90,000 employees and assets of approximately
$1.2 trillion (as at October 31, 2021), 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.
SOURCE Scotiabank