This is the largest Sustainability Bond issued by a Canadian Financial or Corporate to date. A portion of the proceeds of this bond will help advance women-led businesses through The Scotiabank Women Initiative™ - a comprehensive program that supports women clients across all four business lines at Scotiabank and is dedicated to helping women take their businesses to the next level through Access to Capital, Mentorship, and Education.
"Our clients look to Scotiabank for leadership in financing sustainable business growth," said
Scotiabank's approach to sustainability is intended to deliver economic, social and environmental value to our customers, our operations and the world around us. Following the Green Bond issuance in 2019, Scotiabank updated its framework to the Sustainable Bond Framework in order to help investors align themselves better to various environmental and climate-related issues via participation in a Sustainability Bond offering.
The Sustainable Bond Framework categories include all of those listed in the Green Bond Framework as well as the following additional social categories:
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Scotiabank launched its Sustainable Bond Framework in July 2021. The framework has received a Second-Party Opinion from Sustainalytics, a global leader in ESG and Corporate Governance research and ratings, and is in line with the Green Bond Principles 2021, Social Bond Principles 2021, and the Sustainability Bond Guidelines 2021, as administered by the
"This is a significant milestone from a funding program and diversification perspective," said
"We all have an important role to play in driving a positive impact on society while enabling sustainable development and the transition to a low-carbon economy for current and future generations," said Meigan Terry, SVP, Chief Communications and Social Impact Officer at Scotiabank. "This inaugural Sustainability Bond offering helps Scotiabank put into practice the commitment we have made to improve society and drive meaningful change for every future."
Earlier this year, the Bank launched its inaugural
In addition to today's announcement, Scotiabank continues to build on the following sustainability initiatives:
- Served as bookrunner on more than
$10 billion of green, social, sustainability and sustainability-linked bonds since 2014 - Achieved a 20% reduction in operational greenhouse gas emissions from 2016 levels
- Contributed nearly
$85 million to communities through donations, community sponsorships, employee volunteering and other types of community investment - Launched ScotiaRISE – a 10-year,
$500 million initiative to promote economic resilience among disadvantaged groups - To date we have committed
$3 billion to support women-owned and women-led businesses - Renewed our five-year Diversity and Inclusion Goals, with a focus on people who identify as Black, Indigenous peoples, visible minorities, People with Disabilities and Women
- For the third consecutive year, achieved top 1% in Corporate Governance among financial institutions globally according to the Dow Jones Sustainability Index, and awarded a perfect score on Anti-Crime Policies
- Strengthened our commitment to responsible procurement and supplier diversity by joining the
Canadian Aboriginal and Minority Supplier Council , and became an Aboriginal Procurement Champion for theCanadian Council for Aboriginal Business - Published our second Green Bond Report to provide investors with an overview of the estimated impact of the use of proceeds in
July 2021 . - Received a "AAA" rating from MSCI, a leading provider of critical decision support tools and services for the global investment community - held by only 2% of banks globally.
- About Scotiabank
Scotiabank is a leading bank in the
About The Scotiabank Women Initiative
The Scotiabank Women Initiative is a comprehensive program designed to break down barriers and increase economic opportunity for women to be successful, now and in the future, by providing unbiased access to Capital & Tailored Solutions; Bespoke Specialized Education; and Holistic Advisory Services & Mentorship. A unique offering soon to be embedded across Scotiabank's footprint (International Banking to be launched later this year), The Scotiabank Women Initiative provides equal access to financing for women-owned and led-businesses within Canadian Business Banking; helps women clients pursue their best professional futures within Global Banking and Markets, and helps women take charge of their financial futures through Education, Advice, and Access to Wealth Management Services within Global Wealth Management,. For more information on The Scotiabank Women Initiative, visit scotiabankwomeninitiative.com.
SOURCE Scotiabank
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