Subjects: SVY, CSR, ENI, ESG
Scotiabank releases 2023 Environmental, Social and Governance (ESG) Report and Climate Report
TORONTO, March 14, 2024 /CNW/ - Scotiabank released its 2023 ESG Report and 2023 Climate Report today, providing insight into the Bank's sustainability activities and performance over the year. Together, these publications outline the Bank's efforts to create value and be a trusted bank wherever Scotiabank operates.
"I am proud to share Scotiabank's 2023 ESG and Climate reports, which outline our ongoing progress towards our social and environmental goals, with a view to supporting our clients, employees and communities," said Scott Thomson, President and CEO at Scotiabank. "As we deliver against our vision to be our clients' most trusted financial partner, we are further integrating ESG actions within our business strategy, including in our products, services, and the ways that we recognize and reward success."
The 2023 ESG Report incorporates the Bank's Canadian Public Accountability Statement and annual sustainable bond use of proceeds reporting. Highlights from the year include:
- ScotiaRISEtm investment of a cumulative $102 million in the last three years across 200 organizations, progressing towards a goal of $500 million over ten years to help strengthen economic resilience.
- Reaching employee engagement of 87%, above financial sector industry averages.
- The Scotiabank Women Initiative® engaging over 25,000 women entrepreneurs worldwide and deploying $8 billion in capital for women-led and women-owned businesses in Canada since fiscal year 2019, nearing a commitment to deploy $10 billion in capital by 2025.
2023 Climate Report
"Our Climate Report articulates our goals of providing financing for climate-related activities, advancing to net-zero financed emissions, and reducing our own emissions," said Meigan Terry, SVP and Chief Sustainability, Social Impact and Communications Officer at Scotiabank. "There is no question that there remains challenging, urgent, and complex work ahead of us in addressing climate change. We will continue to contribute to this global imperative by supporting clients in all sectors in their efforts and helping to bring forward a more resilient planet for every future."
Scotiabank's separate 2023 Climate Report outlines the Bank's efforts in advancing its climate-related goals, in engaging with clients, and in enhancing the Bank's understanding of clients' transition planning activities. Among other updates, the report highlights:
- Releasing the Climate-related Finance Framework and reaching $132 billion towards the goal of providing $350 billion in climate-related finance1 by 2030.
- Setting an interim emissions intensity reduction target for the automotive manufacturing sector.
- Distributing $1 million through the Net-Zero Research Fund and a cumulative $3 million since fiscal year 2021 to 31 research projects and leading initiatives.
Scotiabank continues to be recognized for the caliber of its sustainability reporting, retaining a "AAA" ESG rating (as at March 1, 2024) from MSCI for the third consecutive year, held by only 5% of global industry peers. The Bank ranks first among banks in North America in the S&P Global Corporate Sustainability Assessment (as of December 8, 2023) and is included in the Dow Jones Sustainability Index North America for the sixth consecutive year.
Visit Scotiabank's Responsibility & Impact page to access the 2023 ESG Report and 2023 Climate Report, as well as other climate and sustainability-related publications, commitments and initiatives.
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1 As defined in the 2023 ESG Report and 2023 Climate Report, climate-related finance consists of those products and services (such as lending and advisory services) as well as the types of transactions (such as sustainability-linked loans or dedicated purpose loans), which support, among other things, climate change mitigation, adaptation, pollution prevention, sustainable management of natural resources, biodiversity conservation and circular economy. |
Please refer to cautionary statements, disclaimers, data considerations and Forward-looking Statements provided within the 2023 ESG Report and 2023 Climate Report for further information about their scope and limitations.
About Scotiabank
Scotiabank's vision is to be our clients' most trusted financial partner, to deliver sustainable, profitable growth and maximize total shareholder return. Guided by our purpose: "for every future," we help our clients, 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 assets of approximately $1.4 trillion (as at January 31, 2024), 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 X @Scotiabank.
SOURCE Scotiabank
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