Photo Credit: National Bank of Canada

πŸ’΅ National Bank of Canada Releases its Latest ESG Reports

Friday, 22 March 2024 12:00.PM

National Bank of Canada (the "Bank") today announced the release of its latest environmental, social and governance reports, which cover the year 2023. These are the Report on Environmental, Social and Governance Advances (the "ESG Report"), the Climate Report, the Inclusion, Diversity and Equity Booklet and the National Bank Investments ("NBI") Report on Responsible Investment Advances.

These reports are intended for a wide range of stakeholders and present the Bank's commitments, strategies and achievements in this area, as well as its key performance indicators. They are available in the Commitments and impact section of nbc.ca.

National Bank: having a positive impact in people's lives

The fifth edition of the Bank's ESG Report sets out its commitments to various stakeholders and presents its advances, as well as a dashboard used to track progress over time.

The nine ESG principles adopted by the Bank's Board of Directors guide its actions in rolling out initiatives and are subject to rigorous review by the Board.

Changes in 2023 include the addition of content on the Principles for Responsible Banking, of which the Bank is a founding signatory, and the inclusion of concrete examples of the Bank's contributions to the community, as well as examples of how the Bank supports its clients in the energy and social transition by providing financing and advisory services.

Tracking greenhouse gas (GHG) reduction targets and implementing the climate plan and the engagement strategy

In line with its commitments under the Net-Zero Banking Alliance, the Bank follows up on its interim targets for reducing GHG emissions in carbon-intensive sectors, namely the Oil and Gas Producers sub-sector, the Commercial Real Estate sector and the Power Generation sector.

This fifth edition of the Climate Report (previously known as the TCFD Report) also follows up on the target to reduce GHG emissions from the Bank's operations by 25% by the end of 20251 to help limit global warming to 1.5˚C, the most ambitious goal of the Paris Agreement.

The report presents a framework for implementing the climate plan and the engagement strategy, which lays the foundations for all stakeholders to make a voluntary, dedicated commitment to reinforcing the shared goal of energy transition. Lastly, it includes the Bank's new commitment regarding thermal coal, which concerns existing clients in the mining and power generation sectors.

A work environment that fosters inclusion, diversity and equity

The Bank has an action plan that clearly defines promising initiatives that will help us build an even more inclusive culture.

The publication of the Bank's fourth Inclusion, Diversity and Equity Booklet provided an opportunity to report on our progress and the work that still needs to be done to achieve our ambitions. It also reaffirms those ambitions and presents our representation targets for 2026. This document results from our commitment to the United Nations as a signatory of the Women's Empowerment Principles and the Global Business Standards of Conduct for Tackling Discrimination Against Lesbian, Gay, Bi, Trans and Intersex (LGBTI) People, as well as our commitment under the Progressive Aboriginal Relations program established by the Canadian Council for Aboriginal Business and our commitment as a signatory to the BlackNorth initiative.

Furthermore, the Bank is firmly committed to continuing to promote its inclusive culture by leveraging our common values and the richness of our differences, adapting our processes and systems and implementing equity measures. As such, the Bank is proud to participate in efforts to create an accessible and barrier-free Canada.

Commitment to responsible investment

NBI releases its 2023 Report on Responsible Investment Advances. In a world in transition, we believe that responsible investment is an intrinsic aspect of our fiduciary duty to Canadian investors and a driver for wiser decisions. The 2023 edition provides an overview of highlights, examples of successful engagement activities conducted by our open architecture partners and details of our ambitions for 2024 to 2026.

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.

SOURCE: National Bank of Canada

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