impact is measured.

Our emissions accounting and disclosure approach.

Rigorous accounting and transparent disclosure are critical in ensuring companies are making real, fundamental changes to reduce emissions.

The first step in setting climate targets, creating a roadmap, and tracking progress on fulfilling our net-zero commitments is to understand, measure, and disclose our financed emissions. We began this journey in 2019 by publicly committing to tracking and disclosing financed emissions using the Partnership for Carbon Accounting Financials (PCAF) Global GHG Accounting and Reporting Standard. 2019 remains our base year for purposes of target-setting and measuring progress.

We reported our financed emissions publicly for the first time in our 2020 Annual Report. In our 2023 climate report, we made several data improvements and estimated emissions for 61 per cent of on-balance sheet loans, as well as financial investments by dollar value.