Manage our impact responsibly
Table of Contents
Maintain a foundation of trust
Obsessed with your success
Supplemental reporting
Overview
Appendices
Our developing approach to climate change
We recognize that we have a part to play in Canada’s transition to net-zero emissions by managing our direct and indirect climate impact, supporting the ongoing success of our clients as they strive to achieve their climate goals and mitigating the risks associated with climate change.
OUR PROGRESS
While we operate our business in an environmentally responsible manner, climate change-related impacts continue to evolve at a rapid pace, presenting both risks and new opportunities. To address these risks and opportunities and the impact they may have on our business, in 2021 we commenced the development of our comprehensive approach to climate change. We also formed a Sustainability team, responsible to engage with internal and external stakeholders to integrate climate considerations into our strategy and operations and ensure we provide transparent disclosures as we progress. The establishment of a centralized team to support existing and new climate change-related initiatives across our operations ensures that there is clear organization-wide responsibility for achieving our goals.
As we continued to execute on our climate change roadmap in 2022, we: Measured our impact
• Implemented a process to measure our Scope 1 and 2 GHG emissions across our national operational footprint to support our ability to develop meaningful and supportable reduction targets in the future. Refer to the Environmental impact of our operations section for further details. • Developed and launched a process to measure our Scope 3 GHG emissions within our lending portfolio. Through this process, we have begun to assess the credibility, reliability, comparability, and decision-making usefulness of financed GHG emissions estimation approaches and data sources and consider how they may be leveraged as we enhance our approach to climate risk management. Strengthened governance and risk management • Enhanced Board of Director and management oversight of ESG factors. This included updates to the mandates for the Board and its Committees, and the establishment of an ESG Steering Committee to support the development and execution of our approach to climate change. Refer to the Governance section of our TCFD report for further details. • Continued to integrate social and environmental risk factors, including climate risk, into our existing Risk Management framework. Refer to the Risk management section of our TCFD report for further details.
We are committed to continue to enhance our climate change-related disclosures in alignment with the TCFD recommendations, which are summarized in our TCFD report on page 57 .
49 2022 SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
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