Addressing Climate Change
We recognize that climate change is one of the most pressing issues of our time. It is significantly impacting natural systems and communities across the globe and poses a significant risk to the global economy and society as a whole – now, and for future generations. Efforts to address climate change will require significant mobilization of climate-related finance from public and private sources worldwide.
As an international financial institution, we have both the responsibility and opportunity to act, while also enabling others for every future. We are here to support our clients in navigating the transition to a low-carbon economy. We take responsibility in ensuring we are lowering our environmental footprint in our operations and ensure we are well governed. We understand that assessing and appropriately managing environmental and climate risks is critical to our clients, our long-term operations and our collective business success.
Becoming a Net-Zero Bank
In support of the Government of Canada’s net-zero commitments, the Paris Agreement on Climate Change, and as a signatory to the Net-Zero Banking Alliance (NZBA), Scotiabank made a commitment to become a net-zero bank in our financed and operational emissions. We outline our first financed emissions targets in our inaugural Net-Zero Pathways Report.
So what does ‘net-zero’ mean? Net-zero emissions are achieved when man-made emissions of greenhouse gases into the atmosphere are balanced by man-made removals over a specified period.1 Achieving net-zero emissions means emitting no greenhouse gas emissions or offsetting emissions through actions such as tree planting or employing technologies that can capture carbon before it is released into the air.2
We believe we have a key role to play in the transition to a net-zero future and that is why we have made the following climate commitments:
How banks and institutional investment funds are driving the road to net-zero
Fanncy Doucet, Head of Sustainable Finance, shares her insights on meeting climate targets, achieving investment returns and satisfying stakeholder needs.
Families compete to lower household carbon emissions in Live Net Zero Challenge
Scotiabank invests $450,000 in the Royal Canadian Geographical Society project aimed at helping Canadian lower their carbon footprint.
How Jarislowsky Fraser made the Top 3 in the Great Canadian ESG Championship
Integrating sustainable development principles from the ground is key to success, CEO says.
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