Scotiabank Tops North American Banks in Sustainability for Second Year
Monday, Dec 23, 2024 2:05 pm ET
4min read Scotiabank has once again secured the top spot among North American banks in the Dow Jones Sustainability Index (DJSI) for the second consecutive year. The Bank's commitment to environmental, social, and governance (ESG) principles has earned it this prestigious recognition, highlighting its leadership in sustainable banking practices.
Scotiabank's top score in the 2023 S&P Global Corporate Sustainability Assessment (CSA) reflects its leading ESG practices. The Bank scored in the top 4 percent of banks worldwide and achieved the highest score among North American banks assessed through the CSA. This remarkable achievement is a testament to Scotiabank's dedication to sustainability and responsible banking.
The Bank's strong performance in the DJSI is driven by its comprehensive approach to ESG factors. Scotiabank has made significant strides in climate action, mobilizing $132 billion in climate-related finance since 2018 towards a target of $350 billion by 2030. It has also set a 1.5-degree aligned target for the automotive sector, aiming to reduce emissions by 36 percent by 2030. Additionally, Scotiabank has released a report on supporting Canada's agriculture industry to achieve sustainable growth, demonstrating its commitment to addressing global challenges.
Scotiabank's initiatives in economic resilience and inclusive society have also contributed to its high ESG ranking. The Bank's 10-year, $500 million ScotiaRISE program has invested over $100 million in 200+ organizations globally, removing barriers to success and increasing access to education and employment opportunities. The Scotiabank Women Initiative has engaged over 25,000 women entrepreneurs and deployed $8 billion in capital, nearing a $10 billion goal by 2025. These investments in economic resilience and inclusive society demonstrate Scotiabank's commitment to fostering a more inclusive world.
Scotiabank's leadership and governance practices have also played a significant role in its top score in the DJSI. The Bank scored in the top 1 percent globally for Corporate Governance in 2019 and 2020, with 38 percent female directors in 2019. Scotiabank has dedicated significant Board time to cybersecurity, anti-money laundering, and conduct, ensuring the Bank's safety and accountability.
Scotiabank's consistent high ranking in the DJSI is a reflection of its broad, integrated approach to ESG factors. Its commitment to climate action, economic inclusion, and strong governance sets it apart from other banks in the region. As the Bank continues to prioritize sustainability and responsible banking, it is well-positioned to contribute to a more sustainable future for all.
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