Climate Commitments

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.

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