Scotiabank unveils 2023 ESG and climate reports

The bank details progress in sustainability and climate action, highlighting investments and achievements

Scotiabank unveils 2023 ESG and climate reports

Scotiabank has announced the release of its 2023 environmental, social, and governance (ESG) Report alongside its 2023 Climate Report.

The reports provide detailed insights into the bank’s sustainability endeavors and achievements over the year. 

“I am proud to share Scotiabank’s 2023 ESG and Climate reports, which outline our ongoing progress towards our social and environmental goals, with a view to supporting our clients, employees, and communities,” stated Scott Thomson, Scotiabank’s president and CEO.

He further emphasized the bank’s commitment to integrating ESG actions within its business strategy to fortify its position as clients’ most trusted financial partner. This strategic integration encompasses enhancements in products and services and the bank’s approach to recognizing and rewarding success.

The 2023 ESG Report is notable for including Scotiabank’s Canadian Public Accountability Statement and its annual sustainable bond use of proceeds reporting. 

The report features significant achievements, such as the ScotiaRISE initiative’s investment of a cumulative $102m over the last three years in 200 organizations. This effort is part of a broader goal to invest $500m over ten years to strengthen economic resilience. 

The report also highlights an employee engagement rate of 87 percent, surpassing the average in the financial sector. 

Another noteworthy accomplishment is the Scotiabank Women Initiative, which has engaged over 25,000 women entrepreneurs worldwide and has deployed $8bn in capital to women-led and women-owned businesses in Canada since the fiscal year 2019. 

This initiative is on track to meet its commitment of deploying $10bn in capital by 2025.

In its 2023 Climate Report, Scotiabank delineates its climate-related goals, including financing climate-related activities, advancing towards net-zero financed emissions, and reducing the bank’s own emissions. 

Meigan Terry, the SVP and chief sustainability, social impact, and communications officer at Scotiabank, acknowledged the “challenging, urgent, and complex work ahead of us in addressing climate change.” 

The bank pledges to support clients across all sectors in their transition efforts and contribute to a more resilient planet.

Among the Climate Report’s updates, Scotiabank has released the Climate-related Finance Framework and has achieved $132bn towards its goal of providing $350bn in climate-related finance by 2030. 

It has set an interim emissions intensity reduction target for the automotive manufacturing sector. It has distributed $1m through the Net-Zero Research Fund, totaling $3m since the fiscal year 2021, to support 31 research projects and initiatives.

Scotiabank’s sustainability reporting has consistently earned accolades. For the third consecutive year, it maintained a “AAA” ESG rating from MSCI, a distinction shared by only 5 percent of global industry peers.