Scotiabank Releases 2022 ESG Report Highlighting Significant Progress on Environmental, Social, and Governance Initiatives
Scotiabank has released its annual Environment, Social and Governance (ESG) Report for 2022, providing key updates and insights into the bank’s progress on its environmental, social, and governance initiatives. This year’s report demonstrates the bank’s ongoing commitment to transparency and reporting on key ESG topics across its four-pillars—Environmental Action, Economic Resilience, Inclusive Society, and Leadership and Governance.
The report highlights Scotiabank’s significant progress on its ESG initiatives, including enhanced climate reporting, net-zero transition activities, and progress on its ScotiaRISE program. It also integrates the bank’s Canadian Public Accountability Statement, further demonstrating its commitment to transparency and accountability.
Scotiabank’s commitment to the environment is reflected in its efforts to mobilize $96 billion in climate-related financing since November 1, 2018, towards a target of $350 billion by 2030. The bank has also generated $35.3 billion of sustainable finance activity in 2022, including green, social, sustainability, and sustainability-linked bonds, loans, and M&A advisory services.
The bank has achieved a 29% reduction of Scope 1 and 2 GHG emissions within its operations (from 2016 levels) against its target of 35% reduction by 2030. It has also outlined net-zero activities and granted $2 million to 21 organizations exploring decarbonization and climate-related systems change since the launch of its $10 million Net-Zero Research Fund in 2021.
Scotiabank’s commitment to social responsibility is reflected in its deployment of $5.6 billion in capital through The Scotiabank Women Initiative in Canada and its expansion of the program to Jamaica, Costa Rica, and Chile to help increase economic and professional opportunities for women-owned businesses. The bank has also contributed $91 million globally to communities through donations, community sponsorships, employee volunteering, and other community investments.
Through ScotiaRISE, the bank has distributed $34 million in 2022, reaching people at more than 400,000 critical moments in time. ScotiaRISE has supported more than 200 community partners with community investments in a 10-year, $500 million initiative to promote economic resilience among disadvantaged groups.
Scotiabank’s commitment to governance is reflected in its enhancement of its enterprise-wide Risk Management Framework, expanding its principal risk definition from environmental risk to ESG risk and establishing an ESG performance metric as a risk appetite metric. The bank has also linked ESG performance, including progress on its climate commitments, to all Bank performance pay.
In addition, Scotiabank has published Data Ethics Principles and launched new tools to enhance the bank’s investments in data and analytics related to new AI and machine learning projects.
Scott Thomson, President & CEO of Scotiabank, said, “Purpose is embedded in Scotiabank’s DNA—we’re here for every future, to help our customers, colleagues, shareholders, and communities thrive. Through our role as a global financial services company, our position as a world-class employer, and the impactful investments that we make in the communities in which we operate, Scotiabank plays a positive and meaningful role in addressing some of the biggest challenges facing society and the world today.”
Meigan Terry, SVP and Chief Sustainability, Social Impact and Communications Officer at Scotiabank, said, “This report reflects the pivotal year we had in 2022, as we accelerated our ESG efforts across the Bank and made meaningful progress against our stated commitments. We reached a number of important milestones, including launching our inaugural Net-Zero Pathways Report, ScotiaRISE Impact Report, and Allyship Summit, amongst other achievements. These accomplishments are a demonstration of the positive and meaningful impact that the Bank and our team continue to have on the world around us.”
In conclusion, Scotiabank’s 2022 ESG Report demonstrates the bank’s ongoing commitment to sustainability, transparency, and accountability. The report highlights Scotiabank’s progress towards achieving its ESG targets, including its climate-related financing, net-zero transition activities, and community investments. Through its ESG initiatives, Scotiabank is playing a positive and meaningful role in addressing some of the biggest challenges facing society and the world today.
Scotiabank’s ESG Report is an important tool for investors, stakeholders, and customers to understand the bank’s approach to sustainability and how it is creating long-term value for all its stakeholders. The report shows that Scotiabank is committed to making a positive impact on the environment, society, and governance, and it is continuously striving to improve its performance.
Overall, Scotiabank’s 2022 ESG Report is a testament to the bank’s dedication to sustainability and demonstrates how it is making a positive impact on the world around us. As the world continues to face environmental, social, and governance challenges, it is essential that companies like Scotiabank take a leadership role in creating a more sustainable future.