Climate Commitments

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 capital 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 has made a commitment to being a net-zero bank. 

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 our economy either emits no greenhouse gas emissions or offsets its emissions through actions such as tree planting or employing technologies that can capture carbon before it is released into the air.”2

Our Commitments

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:

Read Scotiabank’s original 2019 Climate Commitments

In 2019, we made five bold commitments that outline our enterprise-wide climate strategy.

Impact Stories

plant and coins

Growing investor appetite for social and sustainable offerings

Scotiabank’s US$1-billion, 3-year Sustainability Bond offering, launched in August, reflects the Bank’s ESG priorities.

plant in jar with coins

Net Zero Research Fund recipient says industrial energy efficiency is an overlooked opportunity 

Carleton University’s Efficiency Canada among the first recipients of Scotiabank’s recently expanded $10-million fund to advance Canada’s transition to net zero.

Hands holding lightbulb and plant

‘Catalysts for a better world’: Dominican solar plant to help AES cut carbon emissions

A Scotiabank and AES Corp. financing agreement for a Dominican Republic solar power plant puts AES a step closer to its goal of net-zero carbon energy future.

Download our ESG Report

Learn how Scotiabank is working to build a more sustainable future for our stakeholders and our business.

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