TORONTO, July 15, 2020 /CNW/ - The Bank of Nova
Scotia [Scotiabank] today announced the publication of its
Green Bond Report, which outlines the estimated impact of the use
of proceeds from its inaugural Green Bond. The net proceeds from
the USD $500 million 3.5 year Green
Bond were used to refinance eligible green assets, which refer to
new or existing assets, businesses or projects that meet the
Scotiabank Green Bond Framework Eligibility Criteria.
As stated in the criteria, a business will be considered
eligible for financing using a Scotiabank Green Bond only if it
derives 90% or more of its revenues from activities in eight key
categories. To date, funds from the Bond have been allocated to
businesses that have qualified in the green building and clean
transportation categories.
"In its first year of issue, we are pleased to announce the
estimated impact of the proceeds of our inaugural Green Bond," said
Tom McGuire, Executive Vice
President and Group Treasurer at Scotiabank. "This offering was a
milestone for Scotiabank, and a great example of our commitment to
sustainable business, both within the financial industry and across
the rest of society."
Over the last 12 months, Scotiabank has continued to build on
its leadership in ESG with the announcement of several notable
initiatives. These include:
- The launch of an enterprise-wide climate change strategy, the
Scotiabank Climate Commitments, including a pledge to mobilize
$100 billion by 2025 to reduce the
impacts of climate change. More than $16
billion has been mobilized toward this commitment as at
October 31, 2019.
- The creation of a new Sustainable Finance Group within its
Global Banking and Markets division.
- The development of a climate change risk due diligence and
rating methodology and related training program for all banking and
credit teams.
- Recognition for leadership in climate change by the CDP with a
score of 'B' in 2019.
For more information about Scotiabank's sustainability strategy,
visit: www.scotiabank.com/sustainabilty.
About Scotiabank
Scotiabank is a leading bank in
the Americas. Guided by our purpose: "for every future," we
help our customers, their families and their communities achieve
success through a broad range of advice, products and services,
including personal and commercial banking, wealth management and
private banking, corporate and investment banking, and capital
markets. With a team of approximately 97,000 employees and
assets of over $1.2
trillion (as at April 30, 2020), Scotiabank trades on
the Toronto Stock Exchange (TSX: BNS) and New York Stock
Exchange (NYSE: BNS). For more information, please visit our
website and follow us on Twitter @ScotiabankViews.
SOURCE Scotiabank