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ScotiabankCanada

Active

This profile is actively maintained
Last update: 2024-12-17 11:06:51
Scotiabank's head office in Toronto. Photo: Andrevruas via Wikimedia Commons (CC BY SA 3.0)

Active

This profile is actively maintained
Last update: 2024-12-17 11:06:51
Bank info
BankTrack campaigns
All
About
Website http://www.scotiabank.com
Headquarters
44 King St. W.
M5H 1H1 Toronto
Canada
CEO/chair Scott Thomson
CEO
Supervisor
Superintendent of Financial Institutions (OSFI)
Ownership
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.

Sustainability
Commitments
Policies
Voluntary standards

Scotiabank's most important sustainability commitments can be found at the website sections listed below.

Links

Responsibility and impact

ESG strategy

2024-04-08 00:00:00

Sustainable issuance framework

Bank policy
2024-04-08 00:00:00 | Scotiabank
2024-01-31 00:00:00

Modern Slavery Statement 2023

Bank policy
2024-01-31 00:00:00 | Scotiabank
2023-11-01 00:00:00

Supplier Code of Conduct

Bank policy
2023-11-01 00:00:00 | Scotiabank
2022-05-20 00:00:00

Anti-Money Laundering/Anti-Terrorist Financing Program

Bank policy
2022-05-20 00:00:00 | Scotiabank
2022-02-28 00:00:00

Net Zero pathways report

Bank policy
2022-02-28 00:00:00 | Scotiabank
2021-11-02 00:00:00

Global human rights statement

Bank policy
2021-11-02 00:00:00 | Scotiabank
2021-04-30 00:00:00

Statement on financing coal

Bank policy
2021-04-30 00:00:00 | Scotiabank
2020-12-31 00:00:00

Statement on financing in the Arctic

Bank policy
2020-12-31 00:00:00 | Scotiabank
2019-11-18 00:00:00

Climate commitments

Bank policy
2019-11-18 00:00:00 | Scotiabank
2019-01-15 00:00:00

Modern Slavery Statement

Bank policy
2019-01-15 00:00:00 | Scotiabank
2018-11-01 00:00:00

Code of Conduct

Bank policy
2018-11-01 00:00:00 | Scotiabank
2018-10-31 00:00:00

Whistleblower Policy

Bank policy
2018-10-31 00:00:00 | Scotiabank
2010-04-30 00:00:00

Environmental policy

Bank policy
2010-04-30 00:00:00 | Scotiabank
Scotiabank has committed itself to the following voluntary standards:
Business for Social ResponsibilityTags: corporate social responsibility
Carbon Disclosure ProjectTags: carbon | climate change | greenhouse gas emissions
Dow Jones Sustainability IndicesTags: sustainable development | transparency
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
Global Reporting InitiativeTags: sustainable development | human rights
Partnership for Carbon Accounting Financials (PCAF)Tags: carbon | corporate social responsibility
Principles for Responsible Investment (PRI)Tags: corporate social responsibility | sustainable development | United Nations
Task Force on Climate-related Financial Disclosures (TCFD)Tags: corporate social responsibility | finance
UNEP Finance InitiativeTags: United Nations | sustainable development
United Nations Global CompactTags: United Nations | human rights
Dodgy Deals

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.

Projects / Companies
Finance type
Year
News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

The world’s biggest climate finance coalition is in crisis. Is it worth saving?

BankTrack mentioned
2025-02-19 | Climate Home News
BankTrack news BankTrack blog Partner news Partner blog

RBC Quits Climate Group as Canadian Banks Follow Wall Street

2025-01-31 | BNN Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Top Canadian banks latest to pull out of Net Zero Banking Alliance

BankTrack mentioned
2025-01-28 | Global Trade Review (GTR)
Blog
BankTrack news BankTrack blog Partner news Partner blog

The NZBA’s moment of truth

With 11 major US and Canadian banks leaving the Net Zero Banking Alliance (NZBA), it’s a pivotal moment for the initiative to finally live up to its promise - or die trying
2025-01-21 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Most large banks still failing to implement UN human rights principles, new BankTrack benchmark finds

Despite gradual progress, banks show little action in addressing impacts, protecting vulnerable groups and supporting affected communities.
2024-11-27 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Major banks fueling biodiversity collapse by $395 billion since the Paris Agreement; Governments failing to reign in banks

New reports reveal escalating financing to destructive sectors and highlight the urgent need for financial sector regulations to achieve Global Biodiversity Goals
2024-10-16 | San Francisco | BankTrack, Amazon Watch, CED Cameroon, Friends of the Earth US, Milieudefensie, Profundo, Rainforest Action Network, Repórter Brasil, Sahabat Alam Malaysia, TuK INDONESIA
Blog
BankTrack news BankTrack blog Partner news Partner blog

Energy supply financing ratios: the next milestone in banks’ climate strategy

The energy supply financing ratio is a key indicator that synthesizes two major challenges in limiting global warming to 1.5°C: the phase-out of fossil fuels and the development of sustainable alternatives.
2024-10-07 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks must overhaul climate targets to deliver emissions cuts, new analysis finds

Reclaim Finance is urging banks to rethink their targets, and in particular to jettison the widely used “financed emissions” and “facilitated emissions” targets.
2024-09-19 | Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

Commentary: Canada’s Big Five Bank CEOs On Trial

On June 13, 2024, I traveled to Ottawa to watch an unprecedented event.
2024-08-13 | Fossil Free RBC
Blog
BankTrack news BankTrack blog Partner news Partner blog

BankTrack set to publish 2024 Global Human Rights Benchmark in November

50 of the world’s largest banks were invited to provide feedback on draft assessments of their human rights disclosures
2024-07-23 | Nijmegen, Netherlands | Giulia Barbos – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Gulf Coast residents and major organizations call on financial institutions to phase out financing of LNG projects in the Rio Grande Valley

“We will hold any financial institutions that choose to support these projects accountable for such impacts.”
2024-07-22 | New York City | Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Pulp Fiction: the dystopian reality of the origin of your paper

A new report by Environmental Paper Network International debunks the story that paper is ‘green’ and ‘renewable’. Evidence piles up on the ecological and human impacts of the pulp expansion frenzy.  
2024-07-16 | Environmental Paper Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Biggest banks finance more carbon pollution than emissions of Italy, Germany, France and UK combined

New report by ReCommon exposes carbon pollution financed by the world’s biggest banks ahead of G7 finance ministers meeting
2024-05-21 | Rome, Italy | ReCommon
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks financed fossil fuels by $6.9 trillion dollars since the Paris Agreement; $705 billion provided in 2023 alone; JPMorgan Chase, Mizuho, and Bank of America are worst 3 funders

Annual Banking on Climate Chaos report with an updated methodology offers comprehensive look at who’s bankrolling the climate crisis
2024-05-13 | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks have not quit coal, 8 years after the Paris Agreement

Banks in China dominate global coal financing; those in Indonesia are outliers in having increased finance for coal since 2016
2024-05-03 | Nijmegen | Will O'Sullivan – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Canada's Big Five Banks: Heading to Net Zero?

Assessments of climate governance, financing portfolios, and policy engagement
2024-03-06 | InfluenceMap
Blog
BankTrack news BankTrack blog Partner news Partner blog

Financiers warned of huge risks to communities and biodiversity as Rio Tinto approves world’s biggest mining project

2024-02-26 | Accra, Ghana and Nijmegen, Netherlands | BankTrack, Advocates for Community Alternatives (ACA)
Blog
BankTrack news BankTrack blog Partner news Partner blog

67 organisations call on banks to cease financing metallurgical coal

Banks risk stranded assets & climate catastrophe in steel lending without metallurgical coal exclusions
2023-12-07 | Nijmegen | BankTrack, Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Decarbonization: steel not making the cut

Analysis by Reclaim Finance shows that few financial institutions have steel targets, and that those that have been adopted are riddled with flaws
2023-08-23 | Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Canadian bank RBC the #1 financier of fossil fuels, world’s biggest banks continued to pour billions into fossil fuel expansion

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
2023-04-13 | San Francisco | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Throwing fuel on the fire: GFANZ members provide billions in finance for fossil fuel expansion

2023-01-17 | Paris, France /Nijmegen, Netherlands | BankTrack, Reclaim Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

New human rights assessment of banks shows slow progress and lack of action to address key gaps on reporting and remedy

BankTrack’s 2022 Global Human Rights Benchmark finds reporting at a standstill, remedy still lacking and no clear leaders
2022-11-17 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Canadian banks will get kicked out of UN net zero club unless they up their game: Report

2022-08-31 | Toronto | Greenpeace Canada
BankTrack news BankTrack blog Partner news Partner blog

Banks’ Net-Zero lending ambitions hit snags in oil-rich Canada

2022-04-11 | Bloomberg
BankTrack news BankTrack blog Partner news Partner blog

Scotiabank’s climate plan and fossil fuel financing key focus at AGM

2022-04-05 | The Record
BankTrack news BankTrack blog Partner news Partner blog

Canadian banks keep financing fossil fuels

BankTrack mentioned
2022-03-31 | The Tyee
BankTrack news BankTrack blog Partner news Partner blog

Investors ask banks to rethink funding fossil fuel projects, including Line 3

Banks are under pressure from investors to match corporate practices with their environment and social statements * Updated
2022-03-31 | IndianCountryToday
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report: Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
2022-03-30 | San Francisco, Bemidji, Nijmegen, Oakland, Paris, Sassenberg, Washington DC | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club, Urgewald
BankTrack news BankTrack blog Partner news Partner blog

Wet’suwet’en hereditary chief takes fight against Coastal GasLink all the way to the banks

2021-12-20 | National Observer
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks failing to address severe human rights impacts transparently, finds BankTrack research

Findings reinforce the need for regulators to ensure access to effective remedy for people affected by bank finance
2021-12-14 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Equator Banks involved in financing at least 200 fossil fuel projects since Paris

BankTrack research sheds new light on finance for fossil fuels by Equator banks
2021-10-26 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Wet'suwet'en chiefs demand investors and financiers of Coastal Gaslink to divest from this and all future pipeline projects

Indigenous-led campaign, endorsed by 100+ groups, urges global investors and banks to divest from and stop financing Coastal GasLink and LNG Canada
2021-10-19 | Unceded xʷməθkʷəy̓ əm, Sḵwx̱wú7mesh and səlilwətaɬ territories (Vancouver, Canada) | Gidimt
BankTrack news BankTrack blog Partner news Partner blog

‘Wreckers of the Earth’: 300 London-based companies destroying the planet

2021-10-14 | Corporate Watch
Blog
BankTrack news BankTrack blog Partner news Partner blog

As extreme weather rages, RBC extends "sustainability" loan to Enbridge, actively expanding gas and tar sands pipelines

Consortium of banks finance pipeline builder in the lead up to COP 26 climate summit
2021-09-24 | Toronto, Canada | Giniw Collective, Stand.earth
Blog
BankTrack news BankTrack blog Partner news Partner blog

Fossil Banks No Thanks demands banks commit to end fossil fuel finance before Glasgow Climate Summit

210+ groups support urgent call to action
2021-09-23 | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Forests & Finance Coalition warns foreign investors about the risk of the anti-environment agenda in the Brazilian Congress

2021-08-19 | Forests & Finance
BankTrack news BankTrack blog Partner news Partner blog

Canada is burning, and our banks are fanning the flames

Canada’s big banks are financing the climate crisis through their fossil fuel lending, argues Richard Brooks
2021-07-13 | Responsible Investor
Blog
BankTrack news BankTrack blog Partner news Partner blog

World’s 50 largest banks and investors driving deforestation through weak policies and major investments, new study finds

Top investors BlackRock, Vanguard, State Street, PNB, EPF, GPIF, and KWAP all amongst lowest scoring
2021-06-08 | Forests & Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks called upon to take action to protect biodiversity ahead of UN Biodiversity Conference in Kunming

Civil society organizations urge banks to adopt stringent “No Go” policy for biodiversity rich areas
2021-05-26 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Revealed: Businesses and banks behind global plastic waste crisis

Just 20 companies produce over 50 per cent of all single-use plastic - Top financial institutions enabling plastic waste identified
2021-05-18 | Minderoo Foundation
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banking on Climate Chaos 2021: World’s 60 largest banks have poured USD 3.8 trillion into fossil fuels since Paris Agreement

Even amidst the global economic downturn, fossil fuel financing numbers were higher in 2020 than 2016
2021-03-24 | Nijmegen | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Enbridge’s “sustainable” credit: tar sands and rights violations

2021-03-10 | Reclaim Finance
BankTrack news BankTrack blog Partner news Partner blog

Scotiabank becomes fifth major Canadian bank to refuse to fund oil drilling in Arctic refuge

2020-12-14 | The Star
Blog
BankTrack news BankTrack blog Partner news Partner blog

The battle to stop Line 3 is heating up on the ground and across the US

Activists around the US join national day of action to end financing for tar sands pipelines like Enbridge's Line 3
2020-12-14 | Maaike Beenes – BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Major banks in Canada stand with the Gwich'in

Banks in Canada and around the world are sending a clear message that drilling in the Arctic National Wildlife Refuge is bad business
2020-12-14 | Gwichin Tribal Council, Vuntut Gwitchin Government
BankTrack news BankTrack blog Partner news Partner blog

The Big Banks’ Green Bafflegab

Look behind their pro-climate ads and do what they do. Follow the money.
2020-11-25 | The Tyee
Blog
BankTrack news BankTrack blog Partner news Partner blog

Equator Banks fail communities on consultation and grievance mechanisms, new study finds

BankTrack research into nine projects financed ‘under Equator’ finds routine failures to conduct proper community consultation and a lack of effective project-level grievance mechanisms
2020-11-24 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Barclays, HSBC and Credit Suisse among worst offenders on oil sands finance

ShareAction says Barclays has participated in 11 loan and bond deals to oil sands companies since its net zero announcement in March
2020-10-29 | London | ShareAction
Blog
BankTrack news BankTrack blog Partner news Partner blog

New BankTrack Equator Principles reporting tracking tool launched

2020-09-21 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Major blow to Keystone XL pipeline as judge revokes key permit

Campaigners welcomed Wednesday’s ruling as a victory for tribal rights and environmental protection
2020-04-16 | The Guardian
Blog
BankTrack news BankTrack blog Partner news Partner blog

Reckless Keystone XL decision by TC Energy endorsed by JPMorgan Chase, Citi and Canadian peers

Big banks lead multi-billion dollar bond issuances days after company pushes pipeline forward amid global pandemic
2020-04-03 | San Francisco | 350 Seattle, Amazon Watch, Indigenous Environmental Network, Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Global finance sector failing to apply conservation criteria to pulp and paper funding

2020-03-21 | New York/Amsterdam | Environmental Paper Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banking on Climate Change – Fossil Fuel Finance Report Card 2020

New report reveals global banks funneled USD 2.7 trillion into fossil fuels Since Paris Climate Agreement, with financing on the rise each year 
2020-03-18 | Nijmegen | BankTrack, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance, Sierra Club
BankTrack news BankTrack blog Partner news Partner blog

Pobladores/as se toman terrenos de Forestal Arauco en Laraquete

2020-03-12 | Resumen.cl
BankTrack news BankTrack blog Partner news Partner blog

Canadian banks going green still boost loans to the oil industry

2020-02-12 | Bloomberg
Blog
BankTrack news BankTrack blog Partner news Partner blog

Davos financial players pump US$1.4 trillion into fossil fuels: new Greenpeace report

Banks, insurers and pension funds are as culpable for the climate emergency as the fossil fuel industry - especially those at the World Economic Forum Annual Meeting
2020-01-21 | Greenpeace
Blog
BankTrack news BankTrack blog Partner news Partner blog

4 out of 5 banks failing on human rights, new BankTrack Human Rights Benchmark shows

Lloyds, Bank of America, Goldman Sachs and Société Générale among the poorest performers in BankTrack ranking, alongside Canadian and Chinese banks
2019-11-26 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Noted fossil-fuel backer Scotiabank announces $100B climate investment

2019-11-15 | National Observer
Blog
BankTrack news BankTrack blog Partner news Partner blog

BankTrack 2019 Human Rights Benchmark: criteria and scope announced

2019-06-25 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Global Banks, Led by JPMorgan Chase, Invested $1.9 Trillion in Fossil Fuels Since Paris Climate Pact

2019-03-20 | Desmogblog.com
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banking on Climate Change – Fossil Fuel Finance Report Card 2019

World's top banks have poured $1.9 trillion into fossil fuel financing since the Paris Agreement was adopted, with financing on the rise each year
2019-03-20 | Nijmegen, the Netherlands | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks massively financing fossil fuels unclear about future of ... fossil fuels

Few banks acknowledge relation between fossil fuels and climate breakdown
2018-12-20 | Nijmegen
Blog
BankTrack news BankTrack blog Partner news Partner blog

Report finds major banks ramped up fossil fuel financing to $115 billion in 2017

Despite 2017 being the costliest year on record for weather disasters, new report reveals that banks increased extreme fossil fuel financing last year, led by a more than doubling in lending to tar sands companies and pipelines.
2018-03-28 | Nijmegen, the Netherlands | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club
Blog
BankTrack news BankTrack blog Partner news Partner blog

Big banks complicit in massive tar sands destruction and pollution through hundreds of billions in financing

2017-11-02 | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Financiers of pulp and paper industry projects will cause environmental and social harm, says new report

2017-08-01 | Mandy Haggith – Environmental Paper Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

28 major banks warned not to finance Trans Mountain pipeline expansion

Over 20 Indigenous and environmental groups deliver urgent letter.
2017-06-09 | BankTrack, Rainforest Action Network, others
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banks provide billions for Dirty Diesel traders while failing to act on human rights, says new briefing

- Oil traders Trafigura and Vitol received over $100 billion in loans since 2012
- Of 26 banks contacted, not one has pressured companies over toxic fuel exports to Africa
2017-05-23 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Indigenous leaders launch new campaign to defund all four proposed tar sands pipelines

2017-05-09 | Turtle Island | Mazaska Talks
Blog
BankTrack news BankTrack blog Partner news Partner blog

Energy Transfer: Which banks continue to support the company behind DAPL?

2017-04-06 | Alison Kirsch - Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Who's bankrolling TransCanada?

Banking on TransCanada means banking on Keystone XL
2017-03-24 | Alison Kirsch - Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

New report finds banks betting on climate change

Seventh annual bank finance Report Card reveals major banks poured hundreds of billions into extreme fossil fuels
2016-06-14 | Nijmegen, San Francisco | BankTrack, Rainforest Action Network, Sierra Club and Oil Change International
BankTrack news BankTrack blog Partner news Partner blog

Equator Principles goes beyond project finance, improves transparency

2012-08-13 | Environmental Finance
BankTrack news BankTrack blog Partner news Partner blog

While BankTrack criticizes Equator Principles, IFC celebrates Community of Learning

2011-10-25 | Washington | prizmablog.com
BankTrack news BankTrack blog Partner news Partner blog

Time to Improve the Equator Principles, BankTrack Says

BankTrack mentioned
2011-10-24 | Washington | Social Funds
BankTrack news BankTrack blog Partner news Partner blog

BankTrack to Equator Principles banks; ‘get the Outside Job done’

Equator Principles update must lead to new Principles focused on people and planet
2011-10-23 | Washington | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Financiers search for sustainable future

BankTrack mentioned
2011-10-20 | Washington | Environmental Finance
Blog
BankTrack news BankTrack blog Partner news Partner blog

New rules for Equator Principles, but no new commitments from banks

New governance rules represent missed chance for Equator Principles to take bold steps forward on transparency and accountability
2010-07-01 | Nijmegen, the Netherlands | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

BankTrack calls upon banks to Close the Gap on investment policies

New report evaluates quality of investment policies of 49 banks; more policies in place, overall quality below what is required
2010-04-27 | Nijmegen, the Netherlands | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Equator Principles: Action, not words needed

BankTrack calls upon Citi, new chair of Equator Principles to take bold steps forward
2010-03-15 | Nijmegen, The Netherlands | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Civil society groups call for bold steps forward with Equator Principles

Major reforms needed on transparency, accountability, implementation and climate change
2010-01-14 | Nijmegen | BankTrack
Blog
BankTrack news BankTrack blog Partner news Partner blog

Top financial institutions still invest US$20 billion in cluster bombs

Activists call on banks and pension funds to disinvest from banned weapon
2009-10-29 | London | Netwerk Vlaanderen
BankTrack news BankTrack blog Partner news Partner blog

Rainforest Action Network study ranks financed emissions of Canadian banks

Website lets customers compare carbon footprint of personal accounts
2008-11-19 | San Francisco | Rainforest Action Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Activists to banks: behave better in the Boreal

Market activists invite bank executives to develop new best practices
2005-09-07 | San Fransisco | Rainforest Action Network
Resources
Documents
Links
2025-05-08 00:00:00

Letter from BankTrack and Mars se Drine to Scotiabank on Jadar project

Correspondence
2025-05-08 00:00:00 | BankTrack and Mars se Drine
2024-10-16 00:00:00

Banking on biodiversity collapse 2024

Partner publication
2024-10-16 00:00:00 | Forest and Finance Coalition
2024-10-01 00:00:00

NZBA 2024 Progress Report

Other document
2024-10-01 00:00:00 | NZBA
2024-07-16 00:00:00

Suzano's Pulp Fiction

Comparing words and deeds of the world’s largest eucalyptus pulp producer
NGO document
2024-07-16 00:00:00 | EPN
2024-05-21 00:00:00

UNSUPERVISED - The carbon pollution of the world’s largest banks

NGO document
2024-05-21 00:00:00 | ReCommon
2024-05-13 00:00:00

Banking on climate chaos 2024

Fossil fuel finance report 2024
BankTrack publication
2024-05-13 00:00:00 | BankTrack, urgewald, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Reclaim Finance & Sierra Club
2024-05-02 00:00:00

Still Banking on Coal press release

Commercial Banks Still Deep into Coal 8 Years After Paris
Partner publication
2024-05-02 00:00:00 | Urgewald
2024-05-02 00:00:00

Commercial Banks Still Deep into Coal 8 Years After Paris

NGO document
2024-05-02 00:00:00 | Urgewald
2024-04-08 00:00:00

Sustainable issuance framework

Bank policy
2024-04-08 00:00:00 | Scotiabank
2024-03-05 00:00:00

2023 Climate Report

Other bank document
2024-03-05 00:00:00 | Scotiabank
2024-01-31 00:00:00

Modern Slavery Statement 2023

Bank policy
2024-01-31 00:00:00 | Scotiabank
2024-01-09 00:00:00

Annual Report 2023

Annual report
2024-01-09 00:00:00 | Scotiabank
2023-12-07 00:00:00

Letter from BankTrack to Scotiabank on Ending support for metallurgical coal

Correspondence
2023-12-07 00:00:00 | BankTrack
2023-11-21 00:00:00

Letter from BankTrack, ACA, CTEA to Scotiabank on the risks of investing in Rio Tinto and Winning International Group’s Simandou Project in Guinea

Correspondence
2023-11-21 00:00:00 | BankTrack, ACA, CTEA
2023-11-01 00:00:00

Supplier Code of Conduct

Bank policy
2023-11-01 00:00:00 | Scotiabank
2023-04-13 00:00:00

Banking on Climate Chaos 2023

Annual Banking on Climate Chaos report follows the money and details massive bank support for the world’s worst climate-destroying corporations
BankTrack publication
2023-04-13 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, Urgewald
2023-04-03 00:00:00

Annual report 2022

Annual report
2023-04-03 00:00:00 | Scotiabank
2023-01-27 00:00:00

Background briefing: Just 7% of global banks' energy financing goes to renewables, new data shows

BankTrack publication
2023-01-27 00:00:00 | Profundo for Sierra Club, Fair Finance International, BankTrack, Rainforest Action Network
2022-11-17 00:00:00

BankTrack Global Human Rights Benchmark 2022

BankTrack publication
2022-11-17 00:00:00 | BankTrack
2022-08-15 00:00:00

CSR report 2021

Annual report
2022-08-15 00:00:00 | Scotiabank
2022-07-13 00:00:00

Letter from BankTrack and Mars se Drine to Scotiabank on Rio Tinto Jadar Lithium Mine

Correspondence
2022-07-13 00:00:00 | BankTrack and Mars se Drine
2022-05-20 00:00:00

Anti-Money Laundering/Anti-Terrorist Financing Program

Bank policy
2022-05-20 00:00:00 | Scotiabank
2022-03-30 00:00:00

Banking on Climate Chaos 2022

Despite ‘net zero’ rhetoric, world’s biggest banks continued to pour billions into fossil fuel expansion in 2021
BankTrack publication
2022-03-30 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club, urgewald
2022-03-30 00:00:00

Investor Statement on Line 3, Oil Sands Projects, and FPIC

Other document
2022-03-30 00:00:00 | Investors & Indigenous Peoples Working Group
2022-02-28 00:00:00

Net Zero pathways report

Bank policy
2022-02-28 00:00:00 | Scotiabank
2022-01-06 00:00:00

Annual report 2021

Annual report
2022-01-06 00:00:00 | Scotiabank
2022-01-01 00:00:00

Scotiobank's 2022 net-zero pathways report

Other bank document
2022-01-01 00:00:00 | Scotiabank
2021-12-14 00:00:00

Actions speak louder: Assessing bank responses to human rights violations

BankTrack publication
2021-12-14 00:00:00 | BankTrack
2021-12-12 00:00:00

Letter from BankTrack to Scotiabank on lithium mining in Serbia’s jadar valley

Correspondence
2021-12-12 00:00:00 | BankTrack
2021-11-30 00:00:00

Letter

Letter to Shareholders from President and CEO Brian Porter
Correspondence
2021-11-30 00:00:00 |
2021-11-02 00:00:00

Global human rights statement

Bank policy
2021-11-02 00:00:00 | Scotiabank
2021-10-15 00:00:00

Six of Canada's Largest Banks Join United-Nations-convened Net-Zero Banking Alliance

Other bank document
2021-10-15 00:00:00
2021-08-19 00:00:00

Recipients of the letter about the risk of the anti-environment agenda in the Brazilian Congress

NGO document
2021-08-19 00:00:00 | BankTrack
2021-06-23 00:00:00

Forests & Finance 2021 Briefing - Is Your Money Destroying Rainforests or Violating Rights?

NGO document
2021-06-23 00:00:00 | Forests and Finance
2021-06-15 00:00:00

CSR Report 2020

Annual report
2021-06-15 00:00:00 | Scotiabank
2021-04-30 00:00:00

Statement on financing coal

Bank policy
2021-04-30 00:00:00 | Scotiabank
2021-03-09 00:00:00

Annual report 2020

Annual report
2021-03-09 00:00:00 | Scotiabank
2020-12-31 00:00:00

Statement on financing in the Arctic

Bank policy
2020-12-31 00:00:00 | Scotiabank
2020-11-24 00:00:00

"Trust Us, We're Equator Banks": Part II

BankTrack publication
2020-11-24 00:00:00 | BankTrack
2020-05-19 00:00:00

Annual report 2019

Annual report
2020-05-19 00:00:00 | Scotiabank
2020-03-18 00:00:00

Banking on Climate Change - Fossil Fuel Finance Report 2020

BankTrack publication
2020-03-18 00:00:00 | Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, Sierra Club
2020-03-17 00:00:00

Environment, Social and Governance Report 2019

Annual report
2020-03-17 00:00:00 | Scotiabank
2020-01-27 00:00:00

Scotiabank's Climate Commitments

Date listed represents date as accessed on website
Other bank document
2020-01-27 00:00:00 | Scotiabank
2019-12-10 00:00:00

Letter from BankTrack to Scotiabank on the bank's progress on its fossil fuel finance since COP24

Correspondence
2019-12-10 00:00:00 | BankTrack
2019-11-18 00:00:00

Climate commitments

Bank policy
2019-11-18 00:00:00 | Scotiabank
2019-06-24 00:00:00

CSR Report 2018

Annual report
2019-06-24 00:00:00 | Scotiabank
2019-05-21 00:00:00

Fool's Gold

The financial institutions bankrolling Europe’s most coal-dependent utilities
NGO document
2019-05-21 00:00:00 | Europe Beyond Coal
2019-03-05 00:00:00

Annual Report 2018

Annual report
2019-03-05 00:00:00 | Scotiabank
2019-01-15 00:00:00

Modern Slavery Statement

Bank policy
2019-01-15 00:00:00 | Scotiabank
2018-11-01 00:00:00

Code of Conduct

Bank policy
2018-11-01 00:00:00 | Scotiabank
2018-10-31 00:00:00

Whistleblower Policy

Bank policy
2018-10-31 00:00:00 | Scotiabank
2018-10-16 00:00:00

Letter from BankTrack and 120 organisations to Scotiabank on Demands FBNT campaign

Correspondence
2018-10-16 00:00:00 | BankTrack and 120 organisations
2018-03-31 00:00:00

CSR Report 2017

Annual report
2018-03-31 00:00:00 | Scotiabank
2018-02-28 00:00:00

Annual Report 2017

Annual report
2018-02-28 00:00:00 | Scotiabank
2017-06-06 00:00:00

Letter from RAN and 13 others to 14 banks that underwrote Kinder Morgan Canada IPO on warning to finance the IPO

Correspondence
2017-06-06 00:00:00 | Rainforest Action Network et al
2017-05-16 00:00:00

Annual Report 2016

Annual report
2017-05-16 00:00:00 | Scotiabank
2017-03-31 00:00:00

CSR report 2016

Annual report
2017-03-31 00:00:00 | Scotiabank
2016-06-14 00:00:00

Shorting the Climate

Fossil Fuel Finance Report Card 2016
BankTrack publication
2016-06-14 00:00:00 | BankTrack, Rainforest Action Network, Sierra Club, Oil Change International
2010-12-18 00:00:00

Letter from BankTrack to EPFIs on issues around Equator Principles Review process

Correspondence
2010-12-18 00:00:00 | Banktrack
2010-04-30 00:00:00

Environmental policy

Bank policy
2010-04-30 00:00:00 | Scotiabank
2010-04-27 00:00:00

Close the Gap

Benchmarking investment policies of international banks
BankTrack publication
2010-04-27 00:00:00 | BankTrack
2009-10-01 00:00:00

Worldwide investments in CLUSTER MUNITIONS, a shared responsibility

NGO document
2009-10-01 00:00:00 | Netwerk Vlaanderen, et. al.
2008-11-19 00:00:00

Financing Global Warming: Canadian Banks and Fossil Fuels

NGO document
2008-11-19 00:00:00 | RAN
2008-01-11 00:00:00

Profiles of European Banks

NGO document
2008-01-11 00:00:00 | Ceres

Scotiabank's CSR pages

EPN assessment of policies against 14 minimum criteria - Scotiabank

Environmental Paper Network (EPN) evaluated the policies of 68 major financiers of the pulp and paper industry against 14 absolute minimum criteria that all financial institutions should require their clients, investments and business partners to respect in order to reduce social and environmental risks.

Scotiabank web page on climate commitments

Accountability
Grievances
Response tracking

Scotiabank does not operate a complaints channel for individuals and communities that may be adversely affected by its finance. However, the bank's whistleblowing channel is open to individuals and communities who wish to bring up human rights issues.

Stakeholders may also raise complaints via the OECD National Contact Points (see OECD Watch guidance).

Scotiabank is an Equator Principles signatory. While the Equator Principles have no official grievance mechanism, complaints relating to this bank's financing of Equator Principles projects can be filed through our own website www.equator-complaints.org.

 

This page evaluates Scotiabank's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring
Banks and Dirty Diesel: Vitol and Trafigura (May 2017)
0
0
0
0
Dodgy Deal profile
Response
0
Out of 1
Rationale for score
The bank did not respond.
Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action.
Monitoring
0
Out of 1
Rationale for score
No information available on whether the bank monitored progress.
More info
BankTrack Human Rights Briefing, May 2017
Rio Tinto's Jadar mine, Serbia (December 2021)
0
0
0
0
Dodgy Deal profile
Response
0
Out of 1
Rationale for score
The bank did not respond.
Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action.
Monitoring
0
Out of 1
Rationale for score
No information to indicate the bank is monitoring the actions of its clients, or actions it might itself have taken in response to the impacts raised.
More info
Letter to financiers of Rio Tinto, December 2021

Average
0%
0
0
0
0
Banks and Climate

Banks and Climate

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.

Fossil fuel finance data Scotiabank

Banking on Climate Chaos fossil fuel finance data

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.

Assessment of Scotiabank coal policy in the Coal Policy Tool

Assessment of Scotiabank oil and gas policy in the Oil and Gas Policy Tracker

Banks and Human Rights

Banks and Human Rights

BankTrack assessed Scotiabank in its 2024 Global Human Rights Benchmark, where it achieved 5 points out of 15 and was ranked as a “follower”.

The bank scored 0.5 out of 3 points on the new “specific rights indicators”, which assess how banks address human rights defenders, Indigenous Peoples’ right to Free, Prior and Informed Consent and environmental rights in their policies and practices.

In addition, Scotiabank 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.

The BankTrack Human Rights Benchmark

The table below shows BankTrack's assessment of how Scotiabank has implemented the UN Guiding Principles on Business and Human Rights. Please click on 'expand all details' and 'explanation' for further information on the methodology.

Our policy assessments are always a work in progress. We very much welcome any feedback, especially from banks included in the assessments. Please get in touch at humanrights@banktrack.org.

Global Human Rights Benchmark 2022

BankLast update
Country
Score
Ranking
Details
Scotiabank
CAN
4.5
Follower 4.5
0
Canada
Score
Follower
4.5
Explanation

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.

Policy: 2.5/3
Due dilligence: 1/5
Reporting: 0.5/3
Remedy: 0.5/3


Response Tracking:
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.

Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6.5 points
7 - 10 points
10.5 - 14 points
For more details see this page.

Global Human Rights Benchmark 2024

BankLast update
Country
Score
Ranking
Details
Scotiabank
CAN
5
Follower 5
0
Canada
Score
Follower
5
Explanation

Scotiabank's human rights policies, processes and reporting were assessed as part of the BankTrack Global Human Rights Benchmark 2024. The bank is assessed as a , with a total score of 5 out of 15.

Policy: 2.5/3
Due dilligence: 1.5/5
Reporting: 0.5/4
Remedy: 0.5/3

Specific rights: 0.5/3

Response Tracking:
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.

Explanation
Laggard
Follower
Moderate achiever
Leader
0 - 3 points
3.5 - 7 points
7.5 - 10.5 points
11 - 15 points
For more details see this page.
Banks and Nature

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.

Forests & Finance

Banks and beef

Banks and palm oil

Banks and pulp & paper

Forest & Finance Policy Assessment 2022: Overall scores

BankLast update
Country
Score
Ranking
Details
Scotiabank
2022-09-27
CAN
0.5
Laggard 0.5
0
Canada
Profile
Score
Laggard
0.5
20220927
Last update: 2022-09-27
Explanation

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

Explanation

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:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Beef

BankLast update
Country
Score
Ranking
Details
Scotiabank
2022-09-29
CAN
0
Laggard 0
0
Canada
Profile
Score
Laggard
0
20220929
Last update: 2022-09-29
Explanation

The policy assessment covers the bank's policies related to beef. Weighted scores are based on the scope of 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

Explanation

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:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.

Forest & Finance Policy Assessment 2022: Palm Oil

BankLast update
Country
Score
Ranking
Details
Scotiabank
2022-09-29
CAN
0.5
Laggard 0.5
0
Canada
Profile
Score
Laggard
0.5
20220929
Last update: 2022-09-29
Explanation

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

Explanation

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:

Laggard
Follower
Front runner
Leader
0 - 1 points
1 - 4 points
4 - 7 points
7 - 10 points
For more details see this page.
Tracking the NZBA

Tracking the Net Zero Banking Alliance

Scotiabank left the Net Zero Banking Alliance (NZBA) on 20 January 2025. Before that, as a NZBA member it had 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 will keep track of Goldman Sachs and other ex-NZBA member banks' climate action in a specific section of the NZBA tracker. 

Tracking NZBA banks commitments

Banks and Steel

Banks and Steel

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.

Metallurgical Coal Financing: Time to call it off 2023

Coal policy tool

Good Moves

Good moves

Year:

2020

Major banks in Canada stand with the Gwich'in

The Vuntut Gwitchin Government and the Gwich’in Tribal Council are applauding decisions from the five largest banks in Canada to stand united with the Gwich’in Nation, as we seek protection of our sacred lands in the Arctic National Wildlife Refuge in northeast Alaska. The Bank of Nova Scotia (Scotiabank) released…
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