Scotiabank promises $100 billion by 2025 to reduce the impact of climate change


The plan commits the bank to “robust” climate-related governance and reporting. It says it will integrate climate risk assessments more in lending, financing and investing, decarbonize its operations and create a “Climate Change Centre of Excellence.” (The Logic)

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Talking point: The pressure to shift toward sustainable financing has increased since May, when the Bank of Canada first listed climate change as one of six vulnerabilities in the Canadian financial system. The central bank recognized that investors are not seeing prices that factor increasingly serious climate risks (due to a lack of transparency around carbon exposure), which could lead to “fire sales” that may destabilize the economy. Scotiabank, which manages more than $1 trillion in assets, issued its first green bond in July at US$500 million that invested in renewable energy, clean transportation and green buildings.