Bank Of Nova Scotia

The Bank of Nova Scotia Carbon Emissions and Climate Commitments

The Bank of Nova Scotia (Scotiabank), headquartered in Canada and operating in financial intermediation services, has outlined its carbon emissions and climate commitments, with its latest reported emissions data available for the year 2025.

For 2025, Scotiabank reported total Scope 1 emissions of approximately 25.4 million kg CO2e. Scope 2 emissions, using the market-based approach, were approximately 48.4 million kg CO2e, and the location-based approach indicated approximately 63.0 million kg CO2e. Scope 3 emissions related to investments were approximately 17,100 kg CO2e. The combined Scope 1 and 2 emissions (location-based) were approximately 88.4 million kg CO2e.

In 2024, Scope 1 emissions were approximately 25.5 million kg CO2e. Scope 2 emissions were approximately 63.1 million kg CO2e (market-based) and 63.8 million kg CO2e (location-based). Scope 3 emissions from investments were approximately 18,000 kg CO2e, with combined Scope 1 and 2 (location-based) at approximately 89.2 million kg CO2e.

Looking at previous years, Scotiabank's emissions data includes:

• 2023: Scope 1: approximately 27.4 million kg CO2e; Scope 2 (location-based): approximately 64.8 million kg CO2e; Scope 3 (investments): approximately 21,100 kg CO2e. Combined Scope 1 and 2 (location-based): approximately 92.2 million kg CO2e.
• 2022: Scope 1: approximately 28.8 million kg CO2e; Scope 2 (location-based): approximately 70.0 million kg CO2e; Scope 3 (investments): approximately 21,700 kg CO2e. Combined Scope 1 and 2 (location-based): approximately 98.8 million kg CO2e.
• 2021: Scope 1: approximately 22.5 million kg CO2e; Scope 2 (location-based): approximately 82.1 million kg CO2e; Scope 3 (investments): approximately 24,900 kg CO2e. Combined Scope 1 and 2 (location-based): approximately 104.6 million kg CO2e.
• 2020: Scope 1: approximately 22.3 million kg CO2e; Scope 2 (location-based): approximately 89.8 million kg CO2e; Scope 3 (investments): approximately 23,700 kg CO2e. Combined Scope 1 and 2 (location-based): approximately 112.1 million kg CO2e.
• 2019: Scope 1: approximately 24.3 million kg CO2e; Scope 2 (location-based): approximately 91.9 million kg CO2e; Scope 3 (investments): approximately 19,900 kg CO2e. Combined Scope 1 and 2 (location-based): approximately 116.2 million kg CO2e.
• 2018: Total emissions reported were approximately 147.7 million kg CO2e. Scope 1: approximately 15.7 million kg CO2e; Scope 2 (location-based): approximately 112.0 million kg CO2e. Scope 3 emissions included business travel of approximately 20.0 million kg CO2e.
• 2017: Scope 1: approximately 15.5 million kg CO2e; Scope 2 (location-based): approximately 114.2 million kg CO2e. Scope 3 emissions included business travel of approximately 18.1 million kg CO2e.
• 2016: Scope 1: approximately 13.7 million kg CO2e; Scope 2 (location-based): approximately 125.1 million kg CO2e. Combined Scope 1 and 2 (location-based): approximately 138.8 million kg CO2e. Scope 3 data was not disclosed for this year.
• 2015: Total emissions reported were approximately 159.0 million kg CO2e. Scope 1: approximately 15.3 million kg CO2e; Scope 2: approximately 133.9 million kg CO2e; Scope 3: approximately 9.8 million kg CO2e.

Climate Commitments and Reduction Targets:

Scotiabank has established several climate commitments and reduction targets:

• Net-Zero Operations by 2030: The bank aims to achieve net-zero emissions in its operations by 2030. This includes securing 100% non-emitting electricity for its global operations by 2030 and for its Canadian operations by 2025.
• Scope 1 and 2 GHG Emissions Reduction: Scotiabank has increased its target for reducing global Scope 1 and 2 GHG emissions. The current target is a 40% reduction by 2030, compared to a 2016 baseline. Previously, a target of 35% reduction by 2030 from the 2016 baseline was set. In support of this, a 25% reduction in Scope 1 and 2 GHG emissions from a 2016 baseline was a near-term goal, with a 20% reduction having been achieved from 2016 levels.
• Mobilising Capital for Climate Action: Scotiabank committed to mobilising $100 billion in capital by 2025 to reduce the impacts of climate change. As of November 2021, approximately $58 billion had been mobilised.
• Downstream Emissions Intensity Reduction: The bank has set a target to reduce the intensity of downstream physical emissions of Scopes 1, 2, and 3 in its automotive manufacturing portfolio by 36% by 2030.

Scotiabank's climate strategy, outlined in its Climate Commitments, is an enterprise-wide approach addressing climate risks and opportunities. It supports the Paris Agreement by assisting customers in transitioning to a low-carbon economy, ensuring robust climate-related governance, managing climate risks, decarbonising its operations, and contributing to global climate discussions. The bank has also established a Climate Change Centre of Excellence and launched a Net Zero Research Fund to support decarbonisation research.