National Bank of Canada Releases Report on the Task Force on Climate-related Financial Disclosures Advances
National Bank of Canada is proud to release its first Report on the Task Force on Climate-related Financial Disclosures (TCFD) Advances. The report outlines the Bank's progress and the main orientations taken to implement TCFD recommendations. These recommendations are based on four main pillars: governance, strategy, risk management as well as performance indicators and objectives.
- National Bank has set a target of reducing greenhouse gas (GHG) emissions from its own operations by 25% by 2025, compared to 2019.
- The Bank has already cut its GHG emissions by 16% since 2017 and remains carbon neutral by purchasing carbon credits.
- In 2019, 76% of the energy the Bank used came from renewable sources.
- Since 2015, the Bank has reduced its paper consumption by 58% and all paper used is Forest Stewardship Council (FSC) certified, i.e., it comes from a sustainably managed forest and supply chain.
- The Bank’s loan portfolio related to renewable energy grew by 107% from January 31, 2014 to July 30, 2020, while its loan portfolio related to non-renewable energy decreased by 33%. Over the same period, the percentage of renewable energy loans grew from 18% to 41% of the total risk exposure of the energy-related loan portfolio, while the percentage of non-renewable energy loans fell from 82% to 59%.
"It is essential to roll out initiatives to promote sustainable development and support the energy transition. Over the next few years, we will continue our efforts in this regard, meeting or even exceeding the expectations of our stakeholders when it comes to climate change," said Louis Vachon, President and Chief Executive Officer of National Bank of Canada.
- National Bank to Reduce its Carbon Footprint by 25% by 2025 to Help Meet the Most Ambitious Goal of the Paris Agreement
Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of National Bank. Except as required by law, National 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 $322 billion in assets as at July 31, 2020, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has more than 26,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. The Bank's securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media such as Facebook, LinkedIn and Twitter.
|Vice-President – Communications and Corporate Social Responsibility|
|National Bank of Canada|