National Bank of Canada Releases its Latest ESG Reports
MONTREAL, March 23, 2023 /CNW/ – National Bank of Canada (the “Bank”) today announced the release of its latest Environmental, Social and Governance Reports, covering the year 2022. These are the Task Force on Climate-related Financial Disclosures Advances Report (the “TCFD Report”), the Environmental, Social and Governance Progress Report (the “ESG” Report), the Inclusion Brochure and Diversity and the data protection brochure.
These reports are intended for a wide range of stakeholders and present the Bank’s commitments, programs and achievements in this area, as well as its key performance indicators. They are available in Corporate Responsibility section of nbc.ca.
Addition of new interim targets to reduce financed greenhouse gas (GHG) emissions in carbon intensive sectors
In line with its commitments under the Net-Zero Banking Alliance (the “NZBA”), the Bank has set two additional milestones to reduce financed greenhouse gas emissions in carbon-intensive sectors. These targets, presented in the TCFD report, include reducing the intensity of financed emissions in the commercial real estate and power generation sectors by 50% and 33%, respectively, by 2030.1
These targets are in addition to the other targets that have been announced since the bank committed to follow the recommendations of the TCFD and the NZBA:
- Intermediate target to reduce greenhouse gas emissions from the bank’s operations by 25% by the end of 20252 Help limit global warming to 1.5°C, the most ambitious target of the Paris Agreement.
- Aiming for net-zero emissions by 2050 for the Bank’s operations and lending activities.
- Intermediate target to reduce the intensity of financed emissions for the oil and gas producers sub-sector by 31% by 2030.3
The bank has also continued its efforts to grow its portfolio of renewable energy-related loans faster than its portfolio of non-renewable energy-related loans.
A work environment that promotes inclusion and diversity
The Bank has adopted a three-year action plan 2020-2023 that concretely defines the areas of action needed to create a more inclusive environment.
The release of the Bank’s third Inclusion and Diversity Brochure provides an opportunity to share progress and challenges on this key issue. This document is consistent with the Bank’s commitment to the United Nations as a signatory to the Principles for Responsible Banking, the Principles for the Empowerment of Women and the Global Standards of Business Conduct to Combat Discrimination against Lesbian, Gay, Bisexual, Transgender and Intersex People (LGBTI). .
National Bank: have a positive impact on people’s lives
The bank’s latest ESG report sets out its commitments to various stakeholders. A dashboard is used to track progress over time. The bank’s actions in launching initiatives are guided by nine ESG principles, approved by its Board of Directors and subject to rigorous review.
The Privacy Brochure presents the steps taken to strengthen the Bank’s privacy and disclosure practices and to maintain stakeholders’ trust in them. This booklet is designed to encourage an ongoing dialogue to enrich the Bank’s practices and help it achieve the highest standards.
These reports contain a wealth of useful information and stakeholders are encouraged to read them in order to continue the constructive discussions they have had with the Bank over a number of years.
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1 The target for the commercial real estate sector includes Scope 1 and Scope 2 emissions and uses 2019 as the reference year. The target for the power generation sector includes scope 1 emissions and uses 2019 as the base year. |
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2 This target includes Scope 1, 2 and 3 emissions (Scope 3 includes employee business travel and paper consumption as part of the supply chain) and uses 2019 as the baseline year. This goal encompasses our operations in Canada and the United States, as well as our subsidiary in Dublin, our branch in London and our representative offices abroad. |
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3 This target includes Scope 1, 2 and 3 emissions and uses 2019 as the base year. |
Caution with forward-looking statements
Certain statements in this press release are forward-looking statements, including statements relating to the Bank’s goal to achieve net-zero greenhouse gas (GHG) emissions by 2050, its interim goals and objectives for reducing greenhouse gas emissions from its operations and financing activities, and actions taken by the Bank will take to achieve this. These forward-looking statements are based on a number of assumptions and are subject to a number of factors, inherent risks and uncertainties, many of which are beyond the Bank’s control and the effects of which are difficult to predict. These factors, risks and uncertainties are discussed in the cautionary statement accompanying forward-looking statements in the Environmental, Social and Governance Progress Report, the Inclusion and Diversity Brochure and the Task Force Report on Progress in Financial Disclosures Related to Climate described in detail. Additional information is also available in the “Risk Management” section of the Bank’s 2022 Annual Report and may be updated in subsequent Quarterly Shareholder Reports. Investors and others who rely on the Bank’s forward-looking statements should carefully consider the above factors, the uncertainties they create and the risks involved. Except as required by law, the Bank undertakes no obligation to update any forward-looking statements, whether written or oral, made by or on its behalf from time to time. The forward-looking information contained in this press release is for the purpose of interpreting the information contained herein and may not be appropriate for any other purpose.
About the National Bank of Canada
With a net worth of $418 billion January 31, 2023National Bank of Canadatogether with its subsidiaries, forms one of the canada leading integrated financial groups. It has around 30,000 employees in knowledge-intensive positions and has received multiple awards for being a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the bank’s activities on nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
SOURCE National Bank of Canada
For more information: Marie-Pierre Jodoin, Senior Manager – Public Affairs and Corporate Social Responsibility, National Bank of Canada, Tel: 514-394-4209