Bank Of Nova Scotia Sustainability Profile
The Bank of Nova Scotia, commonly known as Scotiabank, is a leading financial institution headquartered in Toronto, Canada. Established in 1832, it has grown to become one of North America's largest banks, with a significant presence in various regions, including Latin America and the Caribbean. Operating within the banking and financial services industry, Scotiabank offers a diverse range of products, including personal and commercial banking, wealth management, and investment services. Its commitment to innovation and customer service sets it apart in a competitive market. With a strong market position, Scotiabank has received numerous accolades for its financial performance and corporate responsibility, solidifying its reputation as a trusted partner for millions of customers worldwide.
DitchCarbon Score
How does Bank Of Nova Scotia's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Bank Of Nova Scotia's score of 70 is higher than 83% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Bank Of Nova Scotia's reported carbon emissions
In 2024, the Bank of Nova Scotia reported total carbon emissions of approximately 25,475,000 kg CO2e for Scope 1, 63,050,000 kg CO2e for Scope 2 (market-based), and 16,345,000 kg CO2e for Scope 3 emissions related to business travel. The total emissions for Scope 1 and 2 combined were about 89,234,000 kg CO2e. In 2023, the bank's emissions were slightly higher, with Scope 1 at 27,402,000 kg CO2e, Scope 2 at 64,777,000 kg CO2e, and Scope 3 emissions of 13,487,000 kg CO2e from business travel. The Bank of Nova Scotia has set ambitious climate commitments, aiming for net-zero emissions across its operations by 2030. This includes a target to secure 100% non-emitting electricity in Canada by 2025 and globally by 2030. Additionally, the bank achieved a 20% reduction in Scope 1 and 2 greenhouse gas emissions from 2016 levels, with a further target of a 25% reduction by 2025. The emissions data is not cascaded from any parent organization, indicating that the figures are independently reported by the Bank of Nova Scotia. The bank's commitment to sustainability reflects its proactive approach to addressing climate change and reducing its carbon footprint.
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| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|---|---|---|
| Scope 1 | 13,700,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 125,053,000 | 000,000,000 | 000,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | - | 00,000,000 | 00,000,000 | 00,000,000 | 0,000,000.00 | 000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
How Carbon Intensive is Bank Of Nova Scotia's Industry?
How Carbon Intensive is Bank Of Nova Scotia's Location?
Bank Of Nova Scotia's Scope 3 Categories Breakdown
Bank Of Nova Scotia's Scope 3 emissions, which increased by 79% last year and increased by approximately 78% since 2017, demonstrating supply chain emissions tracking. Their carbon footprint includes suppliers and value chain emissions, with Scope 3 emissions accounting for 27% of total emissions under the GHG Protocol, with "Business Travel" being the largest emissions source at 51% of Scope 3 emissions.
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Bank Of Nova Scotia's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Bank Of Nova Scotia has not publicly committed to specific 2030 or 2050 climate goals through the major frameworks we track. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
