The 2024 Banking on Climate Chaos report showed that Scotiabank provided US$ 192.777 Billion in financing to the fossil fuel industry between 2016 and 2023. In 2023 only, Scotiabank provided US$ 14.671 Billion for oil, gas and coal companies expanding fossil fuels. 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.

Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Scotiabank's fossil fuel policy below.

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.

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.

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.

Partner organisation Reclaim Finance’s 2023 report on metallurgical coal financing showed that Scotiabank provided US$ 4.6 billion in loans and underwriting to developers of new metallurgical coal between 2016 and 2022. Find further details on Scotiabank’s metallurgical coal financing and and how it compares to other large banks globally in the report.

Reclaim Finance tracks the metallurgical coal policies of financial institutions, including banks, in their Coal Policy Tool. BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Scotiabank’s metallurgical coal policy below.