Scotiabank's response to RAN report
[Full response attached]
Scotiabank believes climate change is one of the most pressing issues of our time. This challenge requires global mobilization, collaboration and understanding.
Scotiabank’s Climate Commitments are a comprehensive strategy to address climate risks and opportunities for our customers, shareholders, employees, other stakeholders, and our business and operations. The strategy includes a pledge to mobilize $100 billion by 2025 to reduce the impacts of climate change, of which over $28 billion has been mobilized to date. The commitments also include ensuring robust climate-related governance and transparency in our reporting, integrating climate risk assessments into lending, financing and investing, decarbonizing our own operations, and establishing a Climate Change Centre of Excellence to inform and collaborate.
Scotiabank has committed to establishing Bank-wide, quantitative, time-bound targets for reducing greenhouse gas emissions associated with our underwriting and lending activities. Such plans would include a quantitative analysis of the greenhouse gas intensity of the Bank’s loan book and underwriting activities to establish a baseline, research on pathways to net zero, development of options for quantitative targets for reducing emissions, and creation of a report outlining greenhouse gas emission reduction plans, targets and timelines. Once such targets and plans are established, we will announce by when and how we will achieve net zero and will report annually on our progress...