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.
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.
In Our Operations
Examples of Environmental Action from inside our own operation:
Internal Carbon Price
GHG Emissions Reduction
LEED building Certification
Read our operations examples here
With Our Customers
Examples of Environmental Action in our business relationships with customers:
Mobilizing $350 Billion Climate Commitment
ESG Equity Research
Environmental Risk Management in Lending
On the World Around Us
Example of how we are using our influence to advance Environmental Action on the World Around Us:
Climate Change Centre of Excellence
Scotiabank Environmental Policy
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:
See more recognitions for Scotiabank on Our Awards and Accolades for Sustainable Finance.
How Friendlier takeout containers can help cut down on plastic waste
With Canada’s new ban on some single-use plastics, Scotiabank is implementing a pilot project for reusable takeout containers at its downtown headquarters.
Sustainable finance takes note of biodiversity risks and opportunities
Directing much-needed capital to initiatives that put our planet’s biodiversity front and centre.
Infographic: Year One of ScotiaRISE
A closer look at the impact in the first year of the Bank's initiative which aims to foster economic resilience in disadvantaged groups.
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