National Bank of Canada Releases its Latest ESG Reports

Montreal, March 21, 2024

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


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.


1 This target includes Scope 1, 2 and 3 emissions (Scope 3 includes employee business travel and paper consumption as part of the supply chain) and uses 2019 as the reference year. This target includes our activities in Canada and the United States, as well as our subsidiary in Dublin, our branch in London and our representative offices abroad.


Caution Regarding Forward-Looking Statements
Certain statements made in this press release are forward-looking statements, including statements with respect to the Bank’s targets and commitments regarding sustainable development, environmental, social and governance matters, including its inclusion, diversity and equity commitments, reaching net-zero greenhouse gas (GHG) emissions by 2050, as well as its interim targets and objectives of reducing its GHG emissions from its operations and financing activities, and actions that the Bank will take to achieve them, including its climate strategy and all objectives related to transitioning to a low-carbon economy and supporting clients in this transition. These forward-looking statements are based on our current expectations, estimates, and intentions and are subject to inherent risks and uncertainties, many of which are beyond the Bank’s control and the effects of which can be difficult to predict. These factors, risks and uncertainties are detailed in the Caution regarding Forward-Looking Statements included in the Report on Environmental, Social and Governance Advances, in the Inclusion, Diversity and Equity Booklet, and in the Climate Report.. Additional information is also available in the Risk Management section of the Bank’s 2023 Annual Report and may be updated in the quarterly shareholders’ reports subsequently published. Investors and others who rely on the Bank’s forward-looking statements should carefully consider the aforementioned factors as well as the uncertainties they represent and the risk they entail. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.

About National Bank of Canada
With $434 billion in assets as at January 31, 2024, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at or via social media.

About National Bank Investments Inc.
National Bank Investments Inc. (“NBI”) is an investment funds management firm committed to manufacturing and offering mutual funds, investment solutions and services designed to help Canadian investors pursue their financial goals. As at December 31, 2023, assets under management in NBI products were valued at over $81.86 billion.

Guided by an open architecture strategy, NBI is dedicated to providing diverse solutions to meet the evolving needs of its clients. NBI consistently strives to be recognized as a key partner by combining innovation and excellence. NBI’s role is not limited to administrative aspects of management; NBI Advisory Services and its registered representatives form a team of specialists who provide information and advice to help advisors build portfolios adapted to their clients’ financial needs. Follow NBI’s activities at or via social media such as YouTube and LinkedIn.

National Bank Investments is a signatory of the United Nations-supported Principles for Responsible Investment, a member of Canada’s Responsible Investment Association, and a founding participant in the Climate Engagement Canada initiative.



Jean-François Cadieux

Assistant Vice-President, Public Affairs
National Bank of Canada