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.
MEASURING OUR IMPACT
STRENGTHENING GOVERNANCE AND RISK MANAGEMENT Enhanced Board of Director and management oversight of ESG factors. This included updates to Board and committee mandates, and the initiation of an ESG Steering Committee to support the development and execution of our approach to climate change. Continued to integrate environmental and social risk factors, including climate-related risks, into our Risk Management framework.
STAYING INFORMED Continued to participate in national climate-related programs, including the Sustainable Finance Action Council and industry working groups focused on climate- related risk management and disclosures.
MAPPING A PATH FORWARD Disclose our GHG emissions and develop a reduction plan and targets to support Canada’s transition to net-zero emissions, with an initial focus on our Scope 1 and 2 GHG emissions from our operations. Develop an approach that considers how we will best support our clients through Canada’s transition to net-zero emissions. Further integration of climate risk into our Risk Management framework, risk appetite and policies.
Implemented a process to measure our Scope 1 and 2 greenhouse gas (GHG) emissions across our national operational footprint to support our ability to develop meaningful and supportable reduction targets in the future. Initiated development of a process to measure our Scope 3 GHG emissions within our lending portfolio, which will be a foundational component of our developing approach to climate change. Continued to embed sustainable practices as we upgrade existing or open new locations.
As we evolve our approach to climate change, we will continue to enhance our disclosures. For further information, see our Task Force on Climate-related Financial Disclosures (TCFD) reporting within the Social and Environmental Risk section of our MD&A and our 2021 Sustainability Report .
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