Climate Action and Sustainability
Why it Matters
Banks have an important role to play in the global transition toward a low-carbon, climate-resilient economy by supporting clients in their own transitions, and by helping them to understand the risks and opportunities facing their business due to climate change.
Our Climate Pillars
We support the transition to a lower-carbon economy by providing financing for climate-related activities, engaging with our clients on their climate goals, and reducing our own emissions.
Financing Climate-related Solutions
Providing products and services to support our clients’ climate-related objectives.
Supporting Clients’ Climate Transition
Engaging with clients to support their climate transition efforts through service offerings and advice as we measure and assess financed emissions in our lending portfolio.
Reducing Our Own Emissions
Reducing GHG emissions from Scotiabank’s own operations and introducing solutions to reduce the Bank’s direct impact on climate change.
Climate Change Centre of Excellence
How we collaborate with and support climate-related research, partnerships and opportunities.
Partnerships and Innovative Solutions
By 2030, we aim to distribute $25 million in community investments with organizations that support climate-related systems change and sector decarbonization.
Economics: Climate and Sustainability
Scotiabank conducts research and provides insight into the economics of climate action and sustainability.
Featured papers:
After The Storm: Can Canadian Communities Keep Rebounding after Natural Disasters?
The report looks at how increasing rates of natural disasters are impacting governments, insurance companies and communities.
CCS/CCUS and Carbon Management: Capture, Remove, Repeat.
This paper considers what is needed to advance carbon capture/management solutions across Canada.
Climate Action for Main Street
focuses on the challenges small and medium-sized businesses (SMEs) face in reducing their emissions.
Scotiabank Net-Zero Research Fund
Scotiabank’s Net-Zero Research Fund grants approximately $1 million annually to organizations conducting research and exploring climate-related initiatives.
Thank you to all organizations who submitted a 2024 grant application. The 2025 Call for Submissions will open in March 2025.
To receive updates and notifications about the Net-Zero Research Fund, please email your request to NetZeroResearchFund@scotiabank.com
Net-Zero Research Fund
Past Recipients
Scotiabank Net-Zero Research Fund 2024
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Scotiabank Net-Zero Research Fund 2023
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Scotiabank Net-Zero Research Fund 2022
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Climate Report & Finance Framework
2024 Climate Report
Scotiabank’s goals, efforts and Climate Transition Plan.
Climate-related Finance Framework
Outlines climate-related finance products and services that are eligible towards our $350 billion target.
Publications and Policies
Access sustainability-related materials
Perspectives: Climate & Sustainability
Additional Resources
For information regarding The Bank of Nova Scotia’s (the “Bank”, or “our”) statements regarding progress towards certain climate and emissions-related goals we direct your attention to the sources listed below. Any reports or publications released before the dates of the sources below are maintained on our website to provide historical information and context only; such historical materials should not be relied upon as current information. This information is provided on a voluntary basis and the Bank makes no statement or representation whether California's Assembly Bill 1305 – the Voluntary Carbon Markets Disclosure Act – applies to the Bank. The information provided is subject to change from time to time without notice.
Our Own Emissions: Regarding our own measures taken to reduce emissions(including Scope 1, Scope 2 and Scope 3 (Business Travel) emissions), see generally our 2023 Climate Report and our 2023 ESG Data & Indices. Our 2023 GHG Reporting Methodology in support of that data is available here. KPMG was engaged to provide a limited assurance conclusion over certain indicators, which is available here.
Financed Emissions: Regarding our financed emissions (Scope 3) for certain identified key sectors, see generally our 2023 Climate Report. In line with Task Force on Climate-related Financial Disclosures (TCFD) recommendations, this data is reported using the PCAF Global standard for GHG accounting methodologies. This information was not subject to a review for third party assurance. Discussion regarding our net-zero ambitions, including assumptions regarding reference pathways for key sectors, can be found in our 2022 Net-Zero Pathways Report.