Second-Party Opinion Download

Sustainalytics is of the opinion that the Scotiabank Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that projects in the areas of renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, terrestrial and aquatic biodiversity conservation, clean transportation, sustainable water and wastewater management, and green buildings will lead to positive environmental impacts and advance the UN Sustainable Development Goals, in particular Goals 6, 7, 11, 12, 14, and 15.

PROJECT EVALUATION/SELECTION

Scotiabank’s Asset & Liability Committee, which includes senior executives, is charged with reviewing and approving eligible assets, as well as ongoing oversight and the coordination of reporting. This is in line with market practice.

MANAGEMENT OF PROCEEDS

Scotiabank’s Treasury team is responsible for the management of proceeds, and will earmark an amount equivalent to the net proceeds for allocation to eligible green assets originated or refinanced no more than 36 months prior to issuance. Allocations will be tracked on a quarterly basis, and Scotiabank will, on a best efforts basis, substitute other assets should a given loan no longer be considered eligible. This is in line with market practice.