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This profile is actively maintained

Last update: 2023-01-05 14:08:09

Active

This profile is actively maintained

Last update: 2023-01-05 14:08:09

About

Website	http://www.scotiabank.com
Headquarters	44 King St. W. M5H 1H1 Toronto Canada
CEO/chair	Brian J. Porter 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

Anti-Money Laundering/Anti-Terrorist Financing Program

Bank policy

2022-05-20 00:00:00 | Scotiabank

Net Zero pathways report

Bank policy

2022-02-28 00:00:00 | Scotiabank

Global human rights statement

Bank policy

2021-11-02 00:00:00 | Scotiabank

Statement on financing coal

Bank policy

2021-04-30 00:00:00 | Scotiabank

Statement on financing in the Arctic

Bank policy

2020-12-31 00:00:00 | Scotiabank

Climate commitments

Bank policy

2019-11-18 00:00:00 | Scotiabank

Modern Slavery Statement

Bank policy

2019-01-15 00:00:00 | Scotiabank

Code of Conduct

Bank policy

2018-11-01 00:00:00 | Scotiabank

Whistleblower Policy

Bank policy

2018-10-31 00:00:00 | Scotiabank

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

Net-Zero Banking Alliance (NZBA)Tags: climate change | corporate social responsibility | energy | energy plants

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.

Campaigns

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.

Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in the Coal Policy Tracker and Oil and Gas Policy Tool. Find further details on their assessment of Scotiabank fossil fuel policy below.

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.

BankLast update

Country

Score

Ranking

Details

Scotiabank

CAN

4.5

Follower

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.

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.

BankLast update

Country

Score

Ranking

Details

Scotiabank

2022-09-27

CAN

0.5

Laggard

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.

BankLast update

Country

Score

Ranking

Details

Scotiabank

2022-09-29

CAN

Laggard

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.

BankLast update

Country

Score

Ranking

Details

Scotiabank

2022-09-29

CAN

0.5

Laggard

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 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.

News

BankTrack

Partners

Blog

External

Active

Active

Links

Responsibility and impact

ESG strategy

Anti-Money Laundering/Anti-Terrorist Financing Program

Net Zero pathways report

Global human rights statement

Statement on financing coal

Statement on financing in the Arctic

Climate commitments

Modern Slavery Statement

Code of Conduct

Whistleblower Policy

Environmental policy

Banks and Climate

Banks and Human Rights

Global Human Rights Benchmark 2022

Banks and Nature

Forest & Finance Policy Assessment 2022: Overall scores

Forest & Finance Policy Assessment 2022: Beef

Forest & Finance Policy Assessment 2022: Palm Oil

Tracking the Net Zero Banking Alliance

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

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

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

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

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

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

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

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

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

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

Who's bankrolling TransCanada?

New report finds banks betting on climate change

Equator Principles goes beyond project finance, improves transparency

While BankTrack criticizes Equator Principles, IFC celebrates Community of Learning

Time to Improve the Equator Principles, BankTrack Says

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

Financiers search for sustainable future

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