Scotiabank receives A- grade for strong climate-related disclosure and management
TORONTO, Dec. 17, 2020 /CNW/ - Scotiabank is pleased to announce it has been awarded a grade of A- from the CDP (formerly known as the Carbon Disclosure Project) in recognition of its strong management of climate-related issues and transparency in its disclosures. This score is above the Global Financial Services average, and an increase over the organization's "B" grade last year.
The increase is largely in recognition of the Bank's climate change strategy launched last year which includes commitments to mobilizing capital and reducing its own operational impacts.
"Scotiabank recognizes that climate change is one of the most pressing issues of our time and we are committed to collaboration within and beyond our bank to increase the level of climate action," says Meigan Terry, Senior Vice President, Global Communications & Social Impact. "The Scotiabank Climate Commitments are our response to addressing this challenge, including a commitment to robust governance and transparency in disclosure. The recognition from CDP reaffirms that we are on the right track in managing and reporting on these important matters."
The Scotiabank Climate Commitments also include a commitment to governance and transparency in disclosure, something that CDP also recognizes.
CDP – a not-for-profit organization known for its global disclosure system for environmental reporting – awarded Scotiabank high marks for its transparency and actions taken in the following categories:
- initiatives to reduce greenhouse gas emissions from the Bank's operations, and robust third-party verification of operational data;
- integration of climate-related risk management in lending; and
- governance and oversight of climate-related issues.
Scotiabank has made significant progress towards meeting its Climate Commitments, first announced in 2019, including:
- mobilizing over $28 billion in Green and Transition finance (since November 1, 2018);
- allocating proceeds from Scotiabank's inaugural USD$500 million 3.5-year Green Bond to green building and clean transportation projects as outlined in our Green Bond Report;
- implementing a Climate Change Risk Assessment to further integrate the considerations of climate change into risk management and credit adjudication;
- establishing a partnership with the Institute of Sustainable Finance at Queen's University to help align mainstream financial markets with the country's transition to a low-carbon economy, as part of Scotiabank's Climate Change Centre of Excellence; and
- creating an enterprise-wide Climate Action and Environmental Employee Resource Group.
This latest recognition from CDP builds on Scotiabank's track record of environmental excellence including recent inclusion in the Dow Jones Sustainability Index North America for the third consecutive year.
To read more about Scotiabank's sustainability strategy and Climate Commitments visit www.scotiabank.com/sustainability.
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 over 90,000 employees and assets of approximately $1.1 trillion (as at October 31, 2020), 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 The Bank of Nova Scotia