Accelerating climate action

Our climate strategy is focused on addressing opportunities and risks that can arise from a low carbon world.

Four key themes guide our climate strategy

Supporting our clients’ transition

Encouraging consumer behaviour

Refining our operations

Sharing our progress

We continue to manage climate-related risks and opportunities. We’re working to transition our own business activities towards net-zero while supporting our clients to do the same.

Our role in the transition

We play an integral role in supporting the economic transition towards a low carbon future. We believe that success lies in aligning our efforts, mobilizing our clients by supporting their own strategies to achieve net-zero, and remaining accountable by reporting transparently on our progress.

Net-Zero Approach (PDF, 4 MB) Opens in a new window.

Achieving net-zero emissions means reducing our greenhouse gas (GHG) emissions as close to zero as possible, while balancing any remaining GHG emissions by removing an equivalent amount of GHGs from the atmosphere.

We aim to achieve net-zero GHG emissions from our operational and financing activities by

2050.

Recognizing that achieving our ambition requires clear goals, immediate action and collaboration across all segments of the economy, we’re accelerating our climate action and making progress towards our net-zero objectives. With a 2050 ambition, there are several actions we will take in the immediate, short, interim and long-term to meet our goals.

Our net-zero roadmap

2023

Accomplishments

Continued to make progress towards our interim net-zero targets for our oil and gas and power generation portfolios

By 2024

Immediate

Set a 2030 interim target for our automotive manufacturing portfolio
Achieve carbon neutral Canadian and U.S. operations by 2024
Continue to evaluate 2030 interim targets for priority sectors, per Net-Zero Banking Alliance (NZBA) commitment
Review official Taskforce on Nature-related Financial Disclosures (TNFD) recommendations
Develop sector-specific plans to achieve 2030 interim targets

By 2025

Short term

Execute on sector-specific emission reduction strategies
Continue to engage, monitor and work with clients to support their transition
Continuously improve and evolve our approach to achieving net-zero, as needed

By 2030

Medium term

Reduce Scope 1 and 2 operational emissions 30% below 2018 baseline by 2028
Reduce financed emissions in line with our sector-specific interim targets

By 2050

Long term

Target to achieve net-zero GHG emissions from our operational and financing activities.

Get in touch

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