Climate Change Centre of Excellence 

Scotiabank is working with other leaders in the transition to a low-carbon economy, partnering with our clients as they transform their operations and business practices, providing products and services that reflect evolving client and community needs, allocating funding for research and innovation and continuing our contribution to the national and global policy dialogue. We are also working to provide sustained and visible leadership for the years and decades ahead.

Since the launch of our $10 million Net-Zero Research Fund in 2021, Scotiabank has provided 2 million in funding to more than 20 organizations researching decarbonization and climate-related systems change.

Non-governmental organizations we collaborate with include the United Nations Environment Program Finance Initiative (UNEP FI), Partnership for Carbon Accounting Financials (PCAF), Institute of International Finance’s (IIF) Sustainable Finance Working Group and Canadian Business for Social Responsibility (CBSR) NetZero Working Group. 

We are pleased to support various collaborative projects to help advance the net-zero transition.  For example, we are partnering with The Oxford Institute for Energy Studies (OIES) for their Energy Transition Research Initiative Hydrogen Module program; with Carbon Management Canada for their carbon technology accelerator program, carbonNEXT; with Energy Futures Lab to support their Financing the Transition to Future-Fit Hydrocarbons challenge; and with the with Institute for Sustainable Finance at Queen’s University. 

As part of our net-zero efforts, we have allocated $25 million for community investments for non-profit and charitable organizations that support climate-related systems change and sector decarbonization.  To apply for community investment funding, we welcome applications through Scotiabank’s on-line portal.

Government policy plays a critical role supporting the transition to a net-zero economy. Scotiabank has participated in a number of policy initiatives to share the view that will help governments drive the net-zero transition while mitigating risk to the wider economy. For example, Scotiabank is a participant in the Sustainable Finance Action Council (SFAC), a public-private committee that aims to support the Canadian financial sector’s integration of sustainable finance into standard practice.

As a regulated financial institution in Canada, Scotiabank is required by the Office of the Superintendent of Financial Institutions (OSFI) to implement a Climate Transition Plan, consisting of activities under specific pillars: Governance, Strategy, Risk Management, and Metrics and Targets. For more on how Scotiabank is participating in the national dialogue on climate action, please see our 2022 ESG Report.

Scotiabank’s Clean Tech Energy Initiative is dedicated to advising and supporting clients in their clean technology, energy transition and decarbonization goals. Scotiabank intends to continue supporting energy sector clients in their transition to a low-carbon future. Many energy companies have established climate targets and are working towards decarbonizing their own operations – be it through production efficiencies, carbon capture, utilization and storage, development of hydrogen fuels, and alternate uses of hydrocarbons altogether.

Transition finance, or the financing provided for the transition to a lower-carbon economy, is one of the categories accepted within our commitment to mobilize $350 billon to help address climate change and its impacts.