GHG Emissions  -  March 16, 2022

Scotiabank Reaches Scope 1, 2 Goals Early

Scotiabank announced it achieved a 25% reduction of Scope 1 and 2 GHG emissions (from 2016 levels), four years ahead of its 2025 target.

The investment bank is also on track to meet its target of 100% non-emitting electricity for Canadian operations by 2025 and 100% for its global footprint by 2030. Scotiabank also established a $10 million Net-Zero Research Fund to advance research and leadership in support of global decarbonization efforts and selected its first cohort of grant recipients. Details were provided in its 2021 Environment, Social and Governance Report.

"Banks are drivers of prosperity, partners that enable the success of businesses small and large, a critical part of the social fabric, and engines of economic growth," said Brian Porter, President & CEO Scotiabank in a statement. "How we choose to bank impacts the world around us, particularly in relation to environmental, social, and governance issues. As a Leading Bank in the Americas, we remain steadfast in our commitment to drive positive change in communities where we bank and around the world, which includes addressing climate change and supporting the transition to a low-carbon economy." 

Scotiabank also released its inaugural Net-Zero Pathways Report, a comprehensive outline of the Bank's commitment to achieving net-zero emissions from our operations by 2030 and net-zero financed emissions by 2050, including interim financed emissions targets and actions for the bank's priority high-emitting sectors. The bank will mobilize $350 billion in capital for climate-related finance by 2030, replacing its previous goal to mobilize $100 billion by 2025, reduce its Scope 1 and 2 emissions intensity of its oil and gas Gas portfolio by 30% and reduce Scope 3 emissions intensity by approximately 15–25% by 2030 and lower its Scope 1 and 2 emissions intensity of its power and utilities portfolio by 55-60% by 2030.