As part of its continued efforts to combat climate change, Scotiabank has established a Net Zero Research Fund to initiate partnerships with leading think tanks and academic institutions that are supporting key sectors in their efforts to decarbonize. The $1 million fund will advance research and leadership in support of global decarbonization efforts.
“Important conversations are being had about how the global goal of a net-zero economy by 2050 can avoid the worst impacts of climate change. I’m proud of our Bank’s progress to decarbonise towards net-zero for our own operations, while also being united in supporting the goal for the global economy,” said Brian Porter, CEO of Scotiabank.
Scotiabank’s five-year partnership with the Institute of Sustainable Finance, announced last year, is already supporting research aimed at aligning mainstream financial markets with Canada’s transition to a lower carbon economy.
Achieving our global goal will take meaningful commitment and action, including assessing the pathways available to be net zero by 2050, making concrete plans, setting interim targets and timelines and engaging in transparent reporting.
“While this goal is inherently complex, it is not impossible,” continued Porter. “As a Leading Bank in the Americas, we will continue to do our part to reduce the impacts of climate change and in the process build a stronger, more resilient economy for all.”
Scotiabank continues to make progress on its comprehensive strategy to address climate risks and opportunities through its Climate Commitments. Foremost among them, the Bank has pledged to mobilize $100 billion by 2025 to reduce the impacts of climate change, with over $28 billion mobilized to date.
Other highlights include:
- The launch of a Sustainable Finance Group to support Global Banking and Markets clients in the transition to a low-carbon economy and promote sustainable economic growth;
- The integration of climate change considerations into credit applications and industry reviews;
- Aggressively reducing our operational footprint through equipment upgrades, efficiency measures and the procurement of emission free and renewable electricity;
- Named to the Dow Jones Sustainability Index (DJSI) North America in 2020 for the third consecutive year, and ranked in the top 15 percent of participating financial institutions from around the world;
- Allocating proceeds from the Bank’s inaugural USD$500 million 3.5-year Green Bond to several environmental projects as outlined in its Green Bond Report;
- Creating an enterprise-wide Climate Action and Environmental Employee Resource Group.