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:
- ScotiaRISE™ 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.
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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