On April 16, 2024, The Bank of Nova Scotiabank, also known as Scotiabank, a prominent Canadian multinational banking and financial services company based in Toronto, Ontario, made a significant announcement regarding the launch of its Net-Zero Research Fund. This initiative aims to support organizations involved in pioneering research focused on decarbonizing key sectors and facilitating the shift towards a low-carbon economy. Interested parties can submit grant proposals until May 28, 2024.
Scotiabank, boasting total assets of around $1.4 trillion as of January 31, 2024, is dual-listed on the Toronto Stock Exchange (TSX: BNS) and the New York Stock Exchange (NYSE: BNS). The bank’s grants for 2024 will range from CAD $25,000 to CAD $100,000. To be eligible for funding from the Scotiabank Net-Zero Research Fund (NZRF), applicants must be registered charities or non-profit organizations. The bank initiated the $10 million NZRF in 2021 as part of its Climate Commitments, collaborating with leading research institutions to support climate mitigation and sustainability research.
Over the past three years, Scotiabank has allocated CAD $3 million to more than 30 registered charities and non-profits engaged in the climate sector. Partner organizations seeking funding through the NZRF must be registered as charities or non-profits in their respective jurisdictions. Submissions will be evaluated based on key criteria including the novelty of the research, its potential impact on decarbonization efforts, and the expertise of the applicants in climate change research and project management.
Meigan Terry, Senior VP and Chief Social Impact, Sustainability and Communications Officer at Scotiabank, emphasized the bank’s commitment to addressing climate change and supporting sustainable initiatives. In 2023, Scotiabank granted funds to the University of Alberta for developing a net-zero vision for Canada’s steel sector. Another recipient in 2022 was the Con Vida Foundation, a Colombian NGO focusing on sustainable avocado farming. Various projects supported by the fund target expanding carbon sequestration, enhancing greenhouse gas emissions measurement, identifying policy changes for decarbonization, and promoting lower or zero-carbon technologies.
Scotiabank’s Net-Zero Research Fund aims to facilitate the global transition to a net-zero economy by providing climate-related financing to clients across various sectors, including those with high carbon emissions. The bank’s primary goal is to work with clients to achieve net-zero financed emissions by 2050 while actively reducing emissions within its own operations. The bank’s navigation pathways, outlined in the 2024 NZRF Submission Guide, focus on encouraging research and dialogue, recognizing investment initiatives, fostering collaborations between research institutions and the corporate sector, and advancing the bank’s climate change strategy.
Through its Sustainable Finance group, Scotiabank plays a critical role in promoting a low-carbon future and sustainable economic growth. The bank assists clients in integrating sustainability into financing and aligning capital market outcomes with sustainability objectives. By identifying eligible environmental and social projects and providing financing solutions, Scotiabank is significantly contributing to the sustainable finance landscape.
As Scotiabank continues its efforts to support deserving applicants and achieve its goal of becoming a net-zero bank by 2050, the hope is that the Net-Zero Research Fund will deliver impactful financing to drive positive change towards a more sustainable future.
