MONTREAL, Nov. 9, 2020 /CNW Telbec/ - National Bank of
Canada is proud to release its
first Report on the Task Force on Climate-related Financial
Disclosures (TCFD) Advances. The report outlines the Bank's
progress and the main orientations taken to implement TCFD
recommendations. These recommendations are based on four main
pillars: governance, strategy, risk management as well as
performance indicators and objectives.
Highlights
- National Bank has set a target of reducing greenhouse gas (GHG)
emissions from its own operations by 25% by 2025, compared to
2019.
- The Bank has already cut its GHG emissions by 16% since 2017
and remains carbon neutral by purchasing carbon credits.
- In 2019, 76% of the energy the Bank used came from renewable
sources.
- Since 2015, the Bank has reduced its paper consumption by 58%
and all paper used is Forest Stewardship Council (FSC) certified,
i.e., it comes from a sustainably managed forest and supply
chain.
- The Bank's loan portfolio related to renewable energy grew by
107% from January 31, 2014 to
July 30, 2020, while its loan
portfolio related to non-renewable energy decreased by 33%. Over
the same period, the percentage of renewable energy loans grew from
18% to 41% of the total risk exposure of the energy-related loan
portfolio, while the percentage of non-renewable energy loans fell
from 82% to 59%.
Quote
"It is essential to roll out initiatives to promote sustainable
development and support the energy transition. Over the next few
years, we will continue our efforts in this regard, meeting or even
exceeding the expectations of our stakeholders when it comes to
climate change," said Louis Vachon,
President and Chief Executive Officer of National Bank of
Canada.
Links
- National Bank to Reduce its Carbon Footprint by 25% by 2025 to
Help Meet the Most Ambitious Goal of the Paris Agreement
- National Bank Releases its First Report on Environmental,
Social and Governance Advances
Caution Regarding Forward-Looking
Statements
This press release includes certain
forward-looking statements. These statements are inherently subject
to significant risks, uncertainties and changes in circumstances,
many of which are beyond the control of National Bank. Except as
required by law, National Bank does not undertake to update any
forward-looking statements, whether written or oral, that may be
made from time to time, by it or on its behalf. The forward-looking
information contained in this press release is presented for the
purpose of interpreting the information contained herein and may
not be appropriate for other purposes.
About National Bank of Canada
With $322 billion in assets as at July 31, 2020, National Bank of Canada, together with its subsidiaries, forms
one of Canada's leading integrated
financial groups. It has more than 26,000 employees in
knowledge-intensive positions and has been recognized numerous
times as a top employer and for its commitment to diversity. The
Bank's securities are listed on the Toronto Stock Exchange (TSX:
NA). Follow the Bank's activities at nbc.ca or via
social media such
as Facebook, LinkedIn and Twitter.
SOURCE National Bank of Canada