National Bank of Canada (the "Bank") today announced the release of its latest environmental, social and governance reports, which cover the year 2022. These are the Report on the Task Force on Climate-related Financial Disclosures Advances (the "TCFD Report”), the Report on Environmental, Social and Governance Advances (the "ESG" Report), the Inclusion and Diversity Booklet and the Privacy Booklet.
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 the Corporate Responsibility section of nbc.ca.
Addition of new interim targets for reducing 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 interim targets for reducing financed GHG emissions in carbon-intensive sectors. These targets, presented in the TCFD Report, involve 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 objectives announced since the Bank made a commitment to follow TCFD and NZBA recommendations:
- Interim target to reduce GHG emissions from the Bank’s operations by 25% by the end of 20252 to help limit global warming to 1.5˚C, the most ambitious goal of the Paris Agreement.
- Target of net-zero emissions by 2050 for the Bank’s operations and financing activities.
- Interim target to reduce the intensity of financed emissions for the Oil & Gas Producers sub-sector by 31% by 2030.3
The Bank has also continued its efforts to grow its portfolio of loans related to renewable energy at a faster pace than its portfolio of loans related to non-renewable energy.
A work environment that fosters inclusion and diversity
The Bank has adopted a 2020-2023 three-year action plan that specifically defines areas of action required to create a more inclusive environment.
The publication of the Bank’s third Inclusion and Diversity Booklet provides an opportunity to report on its progress and challenges related to this key topic. This document is aligned with the Bank’s commitment to the United Nations as a signatory of the Principles for Responsible Banking, the Women’s Empowerment Principles and the Global Business Standards of Conduct for Tackling Discrimination Against Lesbian, Gay, Bi, Trans and Intersex (LGBTI) People.
National Bank: having a positive impact in 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 rolling out initiatives are guided by nine ESG principles, which have been adopted by its Board of Directors and are subject to rigorous review.
The Privacy Booklet presents the measures that have been put in place to reinforce the Bank’s privacy and disclosure practices and maintain stakeholders’ trust in them. This booklet aims to foster 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 review them in order to continue the constructive conversations they have had with the Bank over a number of years.