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Climate Change
Inviting children's artist ideas on climate change

To encourage both children and adults to think about our planet and the issue of climate change, Scotiabank Mexico organized an environmental art contest among children of Bank employees. Based on the theme, "Ideas to save the planet - together against climate change," the Bank hosted art and environmental workshops for children in five cities and received 364 colourful submissions from young artists. The top 25 art works were published in Scotiabank Mexico's 2009 calendar, inspiring both young and old to care for our environment, every day of the year.

Global warming is one of the most important issues facing our planet. Scotiabank is committed to playing our role in reducing harmful greenhouse gas (GHG) emissions, in our own operations and through our spheres of influence. In particular, we are committed to better addressing material climate change risk in our risk management processes, and being proactive on climate-related opportunities.

There are roughly four potential spheres of action and responsibility regarding climate change for the financial sector, and Scotiabank assesses these issues where we can have a positive impact. Information on specific Scotiabank policies and practices in these areas are found throughout the Environment section of this website.

  1. Employees and internal operations: Global financial institutions have large employee and branch networks and, as a result, can make a positive impact on reducing GHG emissions by promoting energy efficiency throughout their operations; for example, by encouraging behaviour among employees that will help reduce individual carbon footprints, both at work and at home, and measuring energy consumption and GHG emissions to help better identify opportunities for improved efficiencies.
  2. Suppliers: In purchasing products for their operations, banks can choose those with lower carbon footprints whenever possible; for example, choosing energy-efficient photocopiers or fax machines, or carpeting with low-carbon footprint.
  3. Customers: Climate change presents both risks and opportunities among a bank's customer base. From a risk perspective, banks can assess material climate change risks in lending activities. From an opportunities perspective, they can assist those companies that are having a positive impact on the environment. Examples include lending to the renewable energies and clean technologies sectors, providing carbon- and energy-related services, such as emissions trading and weather derivatives, and offering retail products such as climate-friendly mutual funds.
  4. Communities: Dialogue with external stakeholders allows financial institutions to obtain valuable feedback on climate change policies and programs, as well as share their expertise - in areas such as risk management, reporting and supply chain management - within the industry and among multiple stakeholder groups focused on climate change. Banks can also provide financial support to the growing number of important charities and think tanks dedicated to addressing climate change.
Scotiabank named a Canadian Carbon Disclosure Leader

In 2008, Scotiabank was recognized as a Carbon Disclosure Leader among Canadian companies, for providing transparent information to investors on climate change risk, opportunities and strategies, as part of its response to the Carbon Disclosure Project (CDP).

Each year, CDP - the world's largest investor coalition - solicits carbon disclosure data from 3,000 companies worldwide, including 200 Canadian companies. CDP leaders generally demonstrate a heightened awareness of climate change risks and opportunities facing their companies and provide detail on the potential financial implications of these issues.

"Investors are increasingly assessing this information when making investment decisions, and the CDP has improved transparency around potential corporate risks and opportunities, as well as the business strategies developed to manage them."

Barb Mason, Executive Vice- President, Wealth Management, Scotiabank.

To view Scotiabank's response to the CDP, please visit www.cdproject.net.
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