Canadian Manufacturing

Scotiabank launches Net Zero Research Fund to transition to a low-carbon economy

$1 million investment will advance research and leadership in support of global decarbonization efforts

February 9, 2021  by CM Staff

PHOTO: ScotiaBank via Twitter

TORONTO — As part of its continued efforts to combat climate change, Scotiabank has established a Net Zero Research Fund to initiate partnerships with think tanks and academic institutions that are supporting key sectors in their efforts to decarbonize. The $1 million fund will advance research and leadership in support of global decarbonization efforts.

“Important conversations are being had about how the global goal of a net-zero economy by 2050 can avoid the worst impacts of climate change. I’m proud of our Bank’s progress to decarbonise towards net-zero for our own operations, while also being united in supporting the goal for the global economy,” said Brian Porter, CEO of Scotiabank, in a prepared statement.

Scotiabank’s five-year partnership with the Institute of Sustainable Finance, announced last year, is already supporting research aimed at aligning mainstream financial markets with Canada’s transition to a lower carbon economy.

“While this goal is inherently complex, it is not impossible,” continued Porter. “As a Leading Bank in the Americas, we will continue to do our part to reduce the impacts of climate change and in the process build a stronger, more resilient economy for all.”

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Scotiabank continues to make progress on its comprehensive strategy to address climate risks and opportunities through its Climate Commitments. Foremost among them, the Bank has pledged to mobilize $100 billion by 2025 to reduce the impacts of climate change, with over $28 billion mobilized to date.