4.9 mb)As a major international financial institution, our day-to-day operations have a number of direct and indirect impacts on the environment. To address these impacts, we have initiated various environmental conservation programs - and we routinely factor environmental considerations into our strategic decision-making processes and our lending and investment decisions. We also consult regularly with stakeholders on environmental issues.
Our environmental impacts
Our direct impacts include our consumption of paper and other supplies, for both customer communications and administrative purposes; energy use in our facilities around the world; and the environmental footprint of our real estate holdings, including the construction and operation of branches and offices.
Indirectly, the environment poses both risks and opportunities for Scotiabank through our lending, investment and other products and services offered in the countries where we operate.
We also support environmental causes through our community giving, we collaborate with a variety of stakeholders on environmental issues.
Key achievements in 2008
- Launched the Scotia Global Climate Change Fund, a mutual fund that helps Canadians invest in companies that mitigate the impact of climate change.
- Introduced an Environmental Paper Policy to reduce paper consumption and promote sustainable forestry.
- Recognized as a Carbon Disclosure Leader in Canada for providing investors with transparent climate change information.
- Arranged environmental disposal or reuse of 24,808 pieces of computer equipment.
Going forward
Scotiabank has set the following objectives in this area:
- Paper reduction: Launch an employee paper reduction and awareness campaign to reduce paper consumption.
- Paper recycling: Increase paper recycling in three international locations as set out in our Environmental Paper Policy.
- Energy/GHG measurement: Increase coverage of energy tracking systems in international locations.
- Energy efficiency: Complete a study of the energy consumption patterns of our branches/owned office buildings, with a view to improving energy efficiency and lowering GHG emissions.
- Climate change and lending: Roll out climate risk assessment procedures and training.
