Scotiabank's ESG Approach
Scotiabank’s approach to Environmental, Social, and Governance (ESG) focuses on four pillars — Environmental Action, Economic Resilience, Inclusive Society and Leadership & Governance. We develop, implement and invest in initiatives across these pillars in order to maximize our positive impact on the world.
Our impact in these areas is greatest when we take action at three different levels — In our Operations, With our Customers, and On the World Around Us. We have the most control and ability to drive positive change in our operations. We also support and enable positive ESG outcomes with our customers through our core business: delivering important financial products, services and advice that help them achieve their goals. And we affect progress on the world around us by using our partnerships and influence to address global concerns that affect everyone.
Our diversified geographic footprint, varied business lines, and large customer and employee base give us a responsibility and an opportunity: we can help address important social, environmental, and economic challenges while positioning our Bank for success. By working with stakeholders at all levels across our entire value chain, we are best positioned to build a better future.
Responsibility & impact
Enabling sustainable development and the transition to a low-carbon economy.
Urgent environmental action is needed to protect the planet’s future. As a global financial institution, we believe that long-term economic growth must co-exist with strong environmental action. We demonstrate our commitment to sustainable development and the transition to a low-carbon economy by reducing our own environmental footprint, financing sustainable solutions, and sharing knowledge and helping drive the global conversation about climate change. By leveraging our influence to uphold the health of our planet, we lay strong foundations that will endure for decades to come.
On the World Around Us
Example of how we are using our influence to advance Environmental Action on the World Around Us:
Participation in CSA Transition Taxonomy development
Consultation with IFRS on Sustainability Reporting (via CBA)
Memberships, commitments and agreements
As part of our commitment to sustainability initiatives, we are supporters, signatories or members of the following:
Scotiabank makes 10-year, $500M commitment to foster economic resilience among disadvantaged groups
ScotiaRISE seeks to help people improve education and employment prospects, adapt to changing circumstances, and increase the likelihood of financial success.
Scotiabank commits $1.25 million to the Institute of Sustainable Finance
This partnership is part of the Bank’s commitment to advancing sustainable finance in Canada and contributing to the global conversation on climate change.
Project Shadow looks to put a dent in online child exploitation through a collective effort
The public-private partnership announced by FINTRAC and co-led by Scotiabank will aid in catching and prosecuting perpetrators of this heinous crime.
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