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Scotiabank Sustainability Report: Emissions Rise, Energy Consumption Drops

Scotiabank’s Canada-based energy consumption dropped one percent from 2010 to 2011, but its greenhouse gas emissions rose just shy of 1.5 percent over the same time period, according to the company’s 2011 corporate social responsibility report.

In 2010, the company’s Canadian operation used 1,019,330 GJ of energy compared to 1,008,610 GJ in 2011. Its 2011 greenhouse gas emissions totaled 55,168 metric tons, up from 54,362 metric tons in 2010.

According to the report, in 2011, the bank’s Canadian division consumed 191,860 MWh of electricity. Figures for earlier years’ electricity use were not supplied.

The bank’s international divisions, which include Mexico, Jamaica, Costa Rica, El Salvador, Peru and Chile, produced 50,453 metric tons of CO2 in 2011. Those divisions consumed 115,034 MWh of electricity that year. The report does not include data from years prior to 2011 for Scotiabank’s international divisions.

Scotiabank increased its business travel from 50 million km in 2010 to 57.8 million in 2011, a 15 percent jump. In 2009 the bank logged 32 million km of business travel.

As a financial institution Scotiabank says that paper consumption is one of its a major environmental impacts. Its Canadian division used 4,899 metric tons of paper in 2011, up 10.6 percent from 2010’s total of 4,429 metric tons. Scotiabank attributes the increase to materials required for new branches and mergers, as well as rebranding and telephone number updates. The company had a 28 percent increase in paper used for business cards from 2010 to 2011. However, its paper used for direct mail dropped 44 percent year-on-year.

The international locations used 983 metric tons of bond copy paper in 2011.

The company recycled 4,384 items of computer equipment in 2011, down from 4,748 in 2010 and 18,789 items in 2009.

In Peru, Scotiabank implemented an environmental strategy in April 2009. Grupo Scotiabank Ecoeciente aims to reduce the consumption of paper, electricity and water, as well as recycling paper, glass, plastic, cans, and organic waste in nine Scotiabank buildings in Lima.

The bank set up recycling stations in its offices and formed an alliance with nonprofit Ciudad Saludable, whose work includes bringing informal street workers into businesses to help with recycling.

Scotiabank was the first bank in Peru to go carbon neutral. The bank purchases carbon credits from Maderacre, a sustainable forestry firm.

Scotiabank says it is a long-standing member of the United Nations Environment Programme Finance Initiative and the
bank co-chairs the initiative’s North American Task Force. UNEPFI is a collaboration between the U.N. and banks, connecting sustainability with financial performance.

The bank is also a member of the Carbon Disclosure Project and the Equator Principles, a set of internationally recognized, voluntary guidelines that establish social and environmental standards in the banking industry.

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