Bank of Nova Scotia (1 Nov 2020 to 31 Oct 2021)

Adoption Date: 25 Sep 2006
Country of Headquarters: Canada
Region of Headquarters: North America
Current EPFI Reporting Year/Period: 1 Nov 2020 to 31 Oct 2021
Institutional Reporting: Link to Report

 

Please read the important notes and disclaimer for further information on ‘EPFI Reporting’, compliance and publication on the Equator Principles Association website.

Further information on this EPFI may be obtained through the Institutional Reporting hyperlink.

Project Finance Advisory Services

Total number mandated in the reporting period: 4

Sector
Mining
Infrastructure 4
Oil & Gas
Power
Others
Sub-Total 4
Region
Americas 4
Europe, Middle East & Africa
Asia Pacific
Sub-Total 4

Project Finance Transactions

Total number that reached Financial Close in the reporting period: 9

Equator Principles Category A1 B2 C3
Sector
Mining
Infrastructure 1 4
Oil & Gas 1 1
Power 2
Others
Region
Americas 1 4 4
Europe, Middle East & Africa
Asia Pacific
Country Designation
Designated Country4 1 3 4
Non Designated Country 1
Independent Review
Yes 1 4 4
No
Totals 1 4 4
1

Category A – Projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented.

2

Category B – Projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures.

3

Category C – Projects with minimal or no adverse environmental and social risks and/or impacts.

4

Designated Countries are those countries deemed to have robust environmental and social governance, legislation systems and institutional capacity designed to protect their people and the natural environment. See list of Designated Countries.

Project-related Refinance & Project-related Acquisition For Project Finance

This information is required under EP4. EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.

Project Name Reporting For Project Finance (And Project-related Refinance & Project-related Acquisition Finance For Project Finance)

No. Project Name Sector Country(s) Year of Financial Close
1 ENADOM LNG Tank Oil & Gas Dominican Republic 2021
2 Cabo Leones II Wind Farm Power Chile 2021
3 San Pedro Solar Farm Power Chile 2021
4 Keystone XL Pipeline Oil & Gas Canada 2021
5 Advance Tunnel for Eglinton Crosstown West Extension P3 Infrastructure Canada 2021
6 Burnaby Hospital Redevelopment - Phase 1 P3 Project Infrastructure Canada 2021
7 Brampton Courthouse Addition - Phase 2 Infrastructure Canada 2021
8 New Quebec Senior & Alternative Housing P3 Project Infrastructure Canada 2021
9 New St. Paul's Hospital P3 Project Infrastructure Canada 2021

Project-Related Corporate Loans

Total number that reached Financial Close in the reporting period: 3

Equator Principles Category A1 B2 C3
Sector
Mining
Infrastructure 1
Oil & Gas 2
Power
Others
Region
Americas 2 1
Europe, Middle East & Africa
Asia Pacific
Country Designation
Designated Country4
Non Designated Country 2 1
Independent Review
Yes
No 2 1
Totals 2 1
1

Category A – Projects with potential significant adverse environmental and social risks and/or impacts that are diverse, irreversible or unprecedented.

2

Category B – Projects with potential limited adverse environmental and social risks and/or impacts that are few in number, generally site-specific, largely reversible and readily addressed through mitigation measures.

3

Category C – Projects with minimal or no adverse environmental and social risks and/or impacts.

4

Designated Countries are those countries deemed to have robust environmental and social governance, legislation systems and institutional capacity designed to protect their people and the natural environment. See list of Designated Countries.

Project-related Refinance & Project-related Acquisition For Project-related Corporate Loans

This information is required under EP4. EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.

Project Name Reporting For Project-related Corporate Loans (And Project-related Refinance & Project-related Acquisition For Project-related Corporate Loans)

Number of projects that were not disclosed as per the disclosure conditions specified in Annex B of the Principles: 3

Under EP4, project name reporting is encouraged for Project-Related Corporate Loans that have reached Financial Close and required for Project Finance transactions that have reached Financial Close.

EP4 applies for those transactions mandated after 1 October 2020 and that have reached Financial Close by the end of the period being reported.

Implementation of the Equator Principles

Scotiabank has a robust set of internal risk management documents that direct Banking and Credit Officers to ensure compliance with the Equator Principles (EPs) for in-scope transactions. These documents describe each of the EPs requirements and provide instructions on how to comply with them. They also outline Scotiabank’s internal review, approval and escalation procedures for these transactions. The Bank’s credit unit and senior management provide oversight and approval of EP transactions. Two dedicated environmental and social risk managers are also available to provide technical advice and counsel, and training on all aspects of the EPs, when necessary. This team is also responsible for the Bank’s annual EPs reporting.

Scotiabank has also developed an internal mandatory training course on environmental and climate change risk management, which includes a section on the EPs. The Banking and Credit Officers that are involved with project-related transactions are required to take this course annually.

Refer to Scotiabank’s ESG Publications and Policies website for more information: https://www.scotiabank.com/ca/en/about/responsibility-impact/esg-publications-policies.html