$1 million
investment will advance research and leadership in support of
global decarbonization efforts
TORONTO, Feb. 8, 2021 /CNW/ - 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.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future", we help our customers, their families
and their communities achieve success through a broad range of
advice, products and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of over 90,000
employees and assets of approximately $1.1 trillion (as
at October 31, 2020), Scotiabank trades on the Toronto Stock
Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For
more information, please
visit http://www.scotiabank.com and follow us on
Twitter @ScotiabankViews.
SOURCE Scotiabank