FUTURE PRIORITIES
The development of our climate strategy is a complex, multi-year undertaking as we are focused to ensure that our approach makes sense for our business and our stakeholders and is aligned with our growth strategy and prudent risk appetite. The steps we have taken in 2022 to strengthen our governance framework, initiate the integration of climate risk into our Risk Management framework and measure our GHG emissions are foundational to our developing approach to climate change. As we move forward, we will continue to progress our approach, supported by metrics and science-based reduction targets, and strong engagement with our clients and other stakeholders.
Specifically, we are committed to:
We will develop a meaningful and supportable reduction plan and targets, with an initial focus on our Scope 1 and 2 GHG emissions. As we move forward, we plan to expand our emissions disclosures, reduction plan and targets to include Scope 3 emissions within our lending portfolio and refine our climate-related data collection, tracking and analysis capabilities, which we believe will be a foundational component of our developing approach to climate change. We are focused to develop a deeper understanding of the risks and opportunities that climate change presents for our lending clients. A key priority for 2023 is the development of an industry-level heatmap assessment to identify potential physical and transition impacts of climate change within our lending portfolios. When considered in combination with our Scope 3 financed GHG emissions estimates, the heatmap will provide us with a more detailed understanding of how our lending portfolios may be impacted by climate risks. The heatmap will also be a useful tool to inform our business decisions towards potential opportunities and areas to support our clients in their climate journeys, in alignment with our growth strategy and prudent risk appetite.
Disclose our GHG emissions and develop a reduction plan and targets
Assess the impacts of climate risks and
opportunities in our lending portfolios
Our clients may face challenges arising from evolving climate conditions, such as extreme weather events and uncertainty related to the energy transition process. As we develop our approach to climate change, we will determine how we can best support our clients to achieve their climate goals through product and service offerings, advisory services, sustainable financing options and education opportunities.
Consider how we will best support our clients
As we advance our approach to climate change, we will provide transparent disclosure of our progress. Supported by active engagement in industry working groups, we will continue to monitor the regulatory environment for climate-related disclosures to ensure we remain abreast of proposed regulatory changes and are prepared for compliance.
Provide robust and transparent reporting
50 2022 SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
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