MONTREAL, April 22, 2021 /CNW Telbec/ - National Bank of
Canada (the "Bank") today released
its 2020 Report on Environmental, Social and Governance (ESG)
Advances and revealed some measures it is adopting to fight climate
change. The report is intended for all Bank stakeholders. It
outlines the Bank's commitments and achievements in sustainable
development as well as its key performance indicators. It is
available in the Social Responsibility section of
Net-zero greenhouse gas (GHG) emissions with interim
targets by 2050
The Bank today announced a target to achieve net-zero GHG
emissions for its operating and financing activities by 2050.
Numerous uncertainties persist as to the best way to achieve this
objective, given ongoing methodological developments across the
country and around the world. To address these uncertainties and
ensure continued progress, the Bank will set interim reduction
targets on the way to the 2050 goal and maintain constructive
dialogue on these issues with its clients and suppliers.
"Our commitment to major environmental, social and governance
issues has remained strong in 2020. Our approach helps communities
prosper and promotes our shared values by putting people first,"
said Louis Vachon, President and
Chief Executive Officer of National Bank of Canada. "Over the coming years, we will
continue to improve our practices and support our clients and
suppliers in their climate transition, with the goal of achieving
carbon neutrality by 2050. Our interim targets will drive the
process forward and help ensure this key goal is reached for the
benefit of our planet."
Interim target for reducing GHG emissions from operations
under our control: reduction of 25% by the end of 2025, compared to
On September 25, 2020, the Bank
announced an interim target for reducing GHG emissions from the
operations of its business segments and subsidiaries. This
science-based target aims to reduce GHG emissions by 25% by the end
of 2025, compared to 2019 levels. This will help limit global
warming to 1.5 degrees Celsius, the most ambitious goal of the
The Bank has one of the lowest carbon footprints per dollar of
revenue, per employee and per square metre in North America. This is largely due to its
significant use of hydroelectricity and rigorous management of the
office space required for its activities. The Bank will continue to
focus on energy efficiency. One promising initiative involves a
system that manages energy use in many of its branches remotely.
LEED assessment system criteria are applied to many of the Bank's
existing and planned buildings. The new head office currently under
construction is designed to meet LEED Gold v4 criteria.
To meet the goal set for 2025, the Bank plans to minimize
business travel and adopt a hybrid model that includes remote work,
among other things.
In 2020, the Bank reduced the carbon footprint of its activities
by 13% compared to 2019. This reduction was mainly due to the
decrease in business travel resulting from the COVID-19
The Bank achieved its 2020 carbon neutrality goals by purchasing
Verified Carbon Units from Will Solutions. This B Corp-certified
company adheres to the principles of a sharing economy to monetize
the climate-related actions of Quebec SMEs to benefit community
projects. The Bank has also purchased Verified Carbon Units from
the Nature Conservancy of Canada
as part of the Darkwoods Forest Carbon Project, one of the largest
carbon projects in North America.
The Bank has set the same carbon neutrality goals for 2021.
Purchasing Verified Carbon Units is in line with the Bank's
commitment to protect biodiversity and natural environments.
The 2021 report on advances related to the Task Force on
Climate-related Financial Disclosures (TCFD) will be published
soon. It will provide more detailed information on the above
The Bank joins the Partnership for Carbon Accounting
The Bank has joined the Partnership for Carbon Accounting
Financials, a global partnership of financial institutions that
work together to develop an approach to assess and disclose the GHG
emissions associated with their loans and investments.
The Bank already contributes to numerous international
initiatives related to climate, including the CDP, the TCFD and the
United Nations Principles for Responsible Banking, which the Bank
became a founding signatory in 2019.
Commitment to protect the Arctic and position on coal
The Arctic is likely to become more attractive to investors over
the coming decades. Given the fragility of this environment, the
Bank has made an official commitment in line with its current
practice not to offer or grant new services related to oil and gas
exploration, exploitation or production in the Arctic. The Bank has
also made an official commitment in line with its current practice
not to finance new thermal coal mining and processing
Caution Regarding Forward-Looking
This press release includes certain
forward-looking statements, notably regarding the Bank's ability to
meet its target of net-zero GHG emissions for its operating and
financing activities by 2050. These statements are inherently
subject to significant risks, uncertainties and changes in
circumstances, many of which are beyond the control of the Bank and
may require the Bank to adapt its initiatives and activities or
adjust its targets. Except as required by law, the 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
About National Bank of Canada
With $344 billion in
assets as at January 31, 2021, 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. Its 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
SOURCE National Bank of Canada