Scotiabank’s 2020 ESG report highlights progress in diversity and inclusion, climate and sustainable finance.
The report outlines Scotiabank’s ongoing commitment to building a more resilient, inclusive and sustainable world.
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Scotiabank’s approach to ESG focuses on four pillars: Environmental Action, Economic Resilience, Inclusive Society, and Leadership & Governance.
“Scotiabankers remain deeply committed to advancing environmental, social, and governmental issues, while continually delivering for our customers, shareholders, and fellow employees,” says Brian Porter, President and CEO of Scotiabank. “As a Leading Bank in the Americas, we play a vital, positive role in society. We invest in communities across our footprint, addressing racial inequality, and mitigating the effects of climate change. We are very proud of the bank’s many contributions to these critically important areas.”
Scotiabank 2020 ESG: environment
- Mobilised over C$28bn billion of the C$100bn committed to reduce the impacts of climate change by 2025;
- Served as bookrunner on more than C$10bn of green, social, sustainability and sustainability-linked bonds since 2014;
- Achieved a 20% reduction in operational greenhouse gas emissions from 2016 levels, and
- Committed to secure 100% of electricity on a global basis from non-emitting sources by 2030. An interim target is set of 100% for Canadian operations by 2025
Scotiabank 2020 ESG: social
- Contributed nearly C$85m to communities through donations, community sponsorships, employee volunteering and other types of community investment;
- Launched ScotiaRISE: – a 10-year, C$500m initiative to promote economic resilience among disadvantaged groups;
- Donated C$16.6m to support people and communities most at risk during the Covid pandemic. This includes C$7.2m in support of hospitals and healthcare professionals;
- Launched renewed five-year Diversity and Inclusion Goals. The focus is on people who identify as Black, Indigenous peoples, visible minorities, People with Disabilities and Women, and
- Signed the BlackNorth Initiative CEO pledge. This outlines seven goals for organisations aimed at helping to end anti-Black systemic racism. And it creates opportunities for those in underrepresented Black, Indigenous and People of Colour (BIPOC) communities
governance
- For third consecutive year, achieved top 1% in Corporate Governance among financial institutions globally according to Dow Jones Sustainability Index. Awarded a perfect score on Anti-Crime Policies;
- Strengthened commitment to responsible procurement and supplier diversity by joining the Canadian Aboriginal and Minority Supplier Council. And became an Aboriginal Procurement Champion for the Canadian Council for Aboriginal Business, and
- Surpassed a 30% target of women on the Board of Directors with 42% of nominated directors as women.
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