Scotiabank's approach to ESG focuses on four pillars – Environmental Action, Economic Resilience,
"We are so proud to win Best Corporate Sustainability Strategy at this year's ESG Investing Awards and to be recognized for our leadership in investing in our communities, addressing climate risk and promoting racial and gender equality," says
Scotiabank's corporate sustainability strategy includes the Bank's Climate Commitments and additional key initiatives such as:
- Launched ScotiaRISE, a 10-year,
$500 million initiative to promote economic resilience among disadvantaged groups by 2030. - Mobilized
$58 billion in capital toward our goal of mobilising$100 billion in climate-related finance by 2025. - Joined the
United-Nations-convened Net-Zero Banking Alliance (NZBA), a global initiative to accelerate efforts of the financial sector in addressing climate change. - Established Scotiabank's
Net-Zero Research Fund with $10 million (CAD) allocated to help advance research in support of the transition to a low-carbon economy. In 2021 Scotiabank provided $1 million in grants to ten universities and research organizations to support public policy and science and technology research for the reduction of carbon emissions. - Launched the
Net-Zero Pathways Project with the goal of establishing bank-wide, quantitative, time-bound targets for reducing greenhouse gas emissions associated with our lending activities, consistent with the ambition to be a net-zero bank by 2050. - Remained on track to meet our target to secure 100% of electricity for our operations from non-emitting sources by 2030 on a global basis; with an interim target of 100% for Canadian operations by 2025
- Joined the
Partnership for Carbon Accounting Financials (PCAF) to support and enable the development of measurement methodologies to track and report financed emissions.
The ESG Investing Awards, now in their third year, are judged by an independent panel of experts from industry and academia. The Awards celebrate the most impactful products, funds and initiatives that are making a positive contribution towards the integrity, uptake, and success of ESG investing.
To read more about Scotiabank's sustainability strategy and climate commitments visit www.scotiabank.com/sustainability.
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SOURCE Scotiabank
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