#BankOnNature — Scotiabank

Email your bank's CEO — Scotia Bank

Email your bank’s CEO and tell them you would rather #BankOnNature!

First Name *

Last Name *

Email Address *

Postal Code

Representatives

Mr. Porter (CEO of Scotia Bank)

Dear [recipient position will go here],

Your Letter *

I am writing to you as a customer of Scotiabank, to express my extreme disappointment in the bank’s efforts to address climate change.

Specifically, I was deeply concerned to learn that, since the Paris Climate Accord was signed in 2016, Scotiabank has provided $148 billion in direct lending to fossil fuel projects, including over $8.65 billion to tar sands. While I appreciate Scotiabank’s commitment to sustainable finance, this means little when you continue to support industries known to be the biggest contributors to climate change, and remain one of the world’s top 25 financers of fossil fuels.

Last month, 43 banks from around the world signed up to the Glasgow Financial Alliance for Net Zero (GFANZ). Not one Canadian bank is yet a member of this alliance. It is no longer sufficient for banks to reduce emissions at the corporate level - portfolio lending must align with climate science, and Scotiabank must develop a strategy to divest from fossil fuel operations.

This is essential not just to protect the environmental wellbeing of future generations, but the economic wellbeing of the present generation. As an account holder, I am extremely concerned about my funds supporting industries that accelerate climate change. Additionally, continued financing of assets that are highly likely to become stranded jeopardises return on equity and risks breaching your fiduciary duties to shareholders. 

Within one year, I would like to see a detailed plan from Scotiabank as to how you will divest from fossil fuel projects. I would also like to see Scotiabank join its peers in GFANZ. Beyond this point, I will no longer be comfortable providing my funds to the bank, and will move my accounts to a financial institution that does not support fossil fuels.

Thank you,

Sincerely,
[your name will go here]

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