ActiveThis profile is actively maintained
ActiveThis profile is actively maintained
44 King St. W.
M5H 1H1 Toronto
Brian J. Porter
listed on NYSE, Toronto Stock Exchange & Trinidad and Tobago Stock Exchange
Scotiabank's shareholder structure can be accessed here.
The Bank of Nova Scotia (commonly called Scotiabank in English and Banque Scotia in French) is the third largest bank in Canada by deposits and market capitalisation. The bank was founded in 1832 in Halifax, Nova Scotia. Its primary corporate offices are located in Toronto, Ontario. The Bank's activities include personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
Scotiabank's most important sustainability commitments can be found at the website sections listed below.
Scotiabank is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Scotiabank's link to these deals.
Banks and Climate
The 2022 Banking on Climate Chaos report showed that Scotiabank provided US$ 149.34 Billion in financing to the fossil fuel industry between 2016 and 2021. Find further details on Scotiabank fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.
Banks and Human Rights
BankTrack assessed Bank of Nova Scotia in its 2022 Global Human Rights Benchmark, where it achieved 4.5 points out of 14 and was ranked as a follower. In addition, Bank of Nova Scotia scored 0 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the "Accountability" section of this profile.
Global Human Rights Benchmark 2022
Scotiabank's human rights policies, processes and reporting were assessed as part of the BankTrack Global Human Rights Benchmark 2022. The bank is assessed as a Follower, with a total score of 4.5 out of 14.
Due dilligence: 1/5
The bank was also assessed on its responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations, for which it received an average score of 0/3. See the Response Tracking section of this profile for more details.
Banks and Nature
Scotiabank’s policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 0.5 out of 10 and ranking it as a laggard. Scotiabank achieved a score of 0 out of 10 specifically for its policies related to the beef sector and 0.5 out of 10 for its policies related to the palm oil sector. In addition, BankTrack and the Environmental Paper Network have assessed Scotiabank’s policies related to the pulp and paper sector.
Between 2016 and 2022, Scotiabank provided USD 3,101 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 25 million as of 2022. For more information, see the links below.
Forest & Finance Policy Assessment 2022: Overall scores
The policy assessment covers the main forest-risk commodity sectors (Beef, Palm Oil, Soy, Timber, Pulp and Paper, and Rubber). Weighted scores are based on the scope of Scotiabank' relevant policies, taking into account different types of financing and the sectors in which the bank is active. Details about the scores per sector policy can be found on Scotiabank' profile
A bank can obtain a total of 10 points for the quality of its policies. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Forest & Finance Policy Assessment 2022: Beef
The policy assessment covers the bank's policies related to beef. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the beef industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on Scotiabank' profile
A bank can obtain a total of 10 points for the quality of its beef policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Forest & Finance Policy Assessment 2022: Palm Oil
The policy assessment covers the bank's policies related to palm oil. Weighted scores are based on the scope of ABN AMRO's relevant policies, taking into account what types and how much finance the bank provides to companies active in the palm oil industry. Details of the criteria used to assess the policies and scores for other forest-risk commodity sectors can be found on Scotiabank' profile
A bank can obtain a total of 10 points for the quality of its palm oil policy. The total score is based on their scores per sector, weighted against their financing and investment for each sector. For further details on this see here. Based on their overall score, banks are then classified as Laggards, Followers, Front runners or Leaders, as follows:
Tracking the Net Zero Banking Alliance
Scotiabank is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.
Throwing fuel on the fire: GFANZ members provide billions in finance for fossil fuel expansion
New human rights assessment of banks shows slow progress and lack of action to address key gaps on reporting and remedy
Canadian banks will get kicked out of UN net zero club unless they up their game: Report
Banks’ Net-Zero lending ambitions hit snags in oil-rich Canada
Scotiabank’s climate plan and fossil fuel financing key focus at AGM
Canadian banks keep financing fossil fuels
Investors ask banks to rethink funding fossil fuel projects, including Line 3
New report: Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021
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Wet'suwet'en chiefs demand investors and financiers of Coastal Gaslink to divest from this and all future pipeline projects
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Fossil Banks No Thanks demands banks commit to end fossil fuel finance before Glasgow Climate Summit
Forests & Finance Coalition warns foreign investors about the risk of the anti-environment agenda in the Brazilian Congress
Canada is burning, and our banks are fanning the flames
World’s 50 largest banks and investors driving deforestation through weak policies and major investments, new study finds
Banks called upon to take action to protect biodiversity ahead of UN Biodiversity Conference in Kunming
Revealed: Businesses and banks behind global plastic waste crisis
Banking on Climate Chaos 2021: World’s 60 largest banks have poured USD 3.8 trillion into fossil fuels since Paris Agreement
Enbridge’s “sustainable” credit: tar sands and rights violations
Scotiabank becomes fifth major Canadian bank to refuse to fund oil drilling in Arctic refuge
The battle to stop Line 3 is heating up on the ground and across the US
Major banks in Canada stand with the Gwich'in
The Big Banks’ Green Bafflegab
Equator Banks fail communities on consultation and grievance mechanisms, new study finds
Barclays, HSBC and Credit Suisse among worst offenders on oil sands finance
New BankTrack Equator Principles reporting tracking tool launched
Major blow to Keystone XL pipeline as judge revokes key permit
Reckless Keystone XL decision by TC Energy endorsed by JPMorgan Chase, Citi and Canadian peers
Global finance sector failing to apply conservation criteria to pulp and paper funding
Banking on Climate Change – Fossil Fuel Finance Report Card 2020
Pobladores/as se toman terrenos de Forestal Arauco en Laraquete
Canadian banks going green still boost loans to the oil industry
Davos financial players pump US$1.4 trillion into fossil fuels: new Greenpeace report
4 out of 5 banks failing on human rights, new BankTrack Human Rights Benchmark shows
Noted fossil-fuel backer Scotiabank announces $100B climate investment
BankTrack 2019 Human Rights Benchmark: criteria and scope announced
Global Banks, Led by JPMorgan Chase, Invested $1.9 Trillion in Fossil Fuels Since Paris Climate Pact
Banking on Climate Change – Fossil Fuel Finance Report Card 2019
Banks massively financing fossil fuels unclear about future of ... fossil fuels
Report finds major banks ramped up fossil fuel financing to $115 billion in 2017
Big banks complicit in massive tar sands destruction and pollution through hundreds of billions in financing
Financiers of pulp and paper industry projects will cause environmental and social harm, says new report
28 major banks warned not to finance Trans Mountain pipeline expansion
Banks provide billions for Dirty Diesel traders while failing to act on human rights, says new briefing
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