National Bank of Canada Releases its Latest ESG Reports

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MONTREAL, March 23, 2023 /CNW/ - National Bank of Canada (the "Bank") today announced the release of its latest environmental, social and governance reports, which cover the year 2022. These are the Report on the Task Force on Climate-related Financial Disclosures Advances (the "TCFD Report"), the Report on Environmental, Social and Governance Advances (the "ESG" Report), the Inclusion and Diversity Booklet and the Privacy Booklet.

National Bank of Canada Logo (CNW Group/National Bank of Canada)
National Bank of Canada Logo (CNW Group/National Bank of Canada)

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

Addition of new interim targets for reducing financed greenhouse gas (GHG) emissions in carbon-intensive sectors

In line with its commitments under the Net-Zero Banking Alliance (the "NZBA"), the Bank has set two additional interim targets for reducing financed GHG emissions in carbon-intensive sectors. These targets, presented in the TCFD Report, involve reducing the intensity of financed emissions in the Commercial Real Estate and Power Generation sectors by 50% and 33%, respectively, by 2030.1

These targets are in addition to the other objectives announced since the Bank made a commitment to follow TCFD and NZBA recommendations:

  • Interim target to reduce GHG emissions from the Bank's operations by 25% by the end of 20252 to help limit global warming to 1.5˚C, the most ambitious goal of the Paris Agreement.

  • Target of net-zero emissions by 2050 for the Bank's operations and financing activities.

  • Interim target to reduce the intensity of financed emissions for the Oil & Gas Producers sub-sector by 31% by 2030.3

The Bank has also continued its efforts to grow its portfolio of loans related to renewable energy at a faster pace than its portfolio of loans related to non-renewable energy.

A work environment that fosters inclusion and diversity

The Bank has adopted a 2020-2023 three-year action plan that specifically defines areas of action required to create a more inclusive environment.

The publication of the Bank's third Inclusion and Diversity Booklet provides an opportunity to report on its progress and challenges related to this key topic. This document is aligned with the Bank's commitment to the United Nations as a signatory of the Principles for Responsible Banking, the Women's Empowerment Principles and the Global Business Standards of Conduct for Tackling Discrimination Against Lesbian, Gay, Bi, Trans and Intersex (LGBTI) People.

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

The Bank's latest ESG Report sets out its commitments to various stakeholders. A dashboard is used to track progress over time. The Bank's actions in rolling out initiatives are guided by nine ESG principles, which have been adopted by its Board of Directors and are subject to rigorous review.

The Privacy Booklet presents the measures that have been put in place to reinforce the Bank's privacy and disclosure practices and maintain stakeholders' trust in them. This booklet aims to foster an ongoing dialogue to enrich the Bank's practices and help it achieve the highest standards.

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 The target for the Commercial Real Estate sector includes Scope 1 and 2 emissions and uses 2019 as the reference year. The target for the Power Generation sector includes Scope 1 emissions and uses 2019 as the reference year.

2 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.

3 This target includes Scope 1, 2 and 3 emissions and uses 2019 as the reference year.

Caution Regarding Forward-Looking Statements
Certain statements made in this press release are forward-looking statements, including statements with respect to the Bank's objective of 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. These forward-looking statements are based on a number of assumptions and are subject to a number of factors, 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 and Diversity Booklet, and in the Report on the Task Force on Climate-related Financial Disclosures Advances. Additional information is also available in the Risk Management section of the Bank's 2022 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 $418 billion in assets as at January 31, 2023, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. It has approximately 30,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at or via social media such as Facebook, LinkedIn and Twitter.

SOURCE National Bank of Canada


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