Equitable Bank Quantifies Entire Scope 3 Greenhouse Gas Emissions Portfolio
Canada's Challenger Bank™ to Disclose Financed Emissions
TORONTO, Nov. 15, 2021 /CNW/ - Equitable Group Inc. (TSX: EQB) (TSX: EQB.PR.C) ("Equitable" or the "Bank") today became the first Schedule I Canadian Bank to quantify its entire Scope 3 greenhouse gas (GHG) emissions portfolio, reflecting its commitments to sustainability and transparency.
"We are thrilled to continue the momentum from our recent announcement of the Bank's carbon neutrality and the informative developments resulting from the UN Climate Change Conference (COP26) with the disclosure of our entire Scope 3 emissions, including financed emissions," said Andrew Moor, President and Chief Executive Officer. "We believe that what gets measured gets managed and are committed to exploring Challenger ways to reduce our carbon footprint."
Scope 3 Emissions: A Canadian Banking First
This first quantification of Scope 3 emissions revealed that most of the Bank's Scope 3 emissions arise from its mortgage lending portfolio. These results have provided the Bank with meaningful insights into its Scope 3 emissions, have underscored the need for better data availability across the industry, and have ignited internal conversations on what reductions might be achieved in Scope 3 emissions.
Because Equitable operates all digital infrastructure on Microsoft Azure, its operations are more efficient and achieve greater energy and emissions reductions in comparison to banks that rely on traditional on-premise server farms. According to The Carbon Benefits of Cloud Computing: A Study on the Microsoft Cloud conducted by Microsoft Corporation and WSP, the Microsoft cloud is up to 93 percent more energy-efficient and can result in 98 percent lower carbon emissions than traditional enterprise data centers. Microsoft also recently announced a series of significant new investments to incorporate sustainable technologies into current and future datacenter design and operations.
Methodology and Assurance
 Scope 3 categories not included were not applicable or relevant to the bank's operations.
 Emissions estimated using spend data and the US EPA EEIO database.
 Emissions estimated using a 2019 waste survey for the bank's Toronto office. Average amount of waste generated per employee was applied to all other office locations.
 Passenger kilometers estimated per office based on employee home address (city). Mode of travel was assumed based on city-specific data for office locations.
 Vehicle lending: emissions were estimated using motor vehicle type with distance travelled assumed based on regional statistical data. Mortgage and commercial real estate lending: Emissions were estimated based on number of buildings, building type and location-specific average energy consumption. Business lending: very small proportion of financed emissions, estimated using economic activity-based emissions and company revenue. Emissions associated with lending for construction of commercial real estate are excluded from the inventory as they are currently optional for reporting under the PCAF standard.
SOURCE Equitable Bank
Company Codes: Toronto:EQB, Toronto:EQB.PR.C
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