Good afternoon, Mr. Chairman. I am pleased to have this opportunity to provide comments during today's meeting.

I am joining this meeting today from our Scotiabank office in Toronto, which is home to many first nation, Inuit and Métis communities. I acknowledge the treaty holders, the Mississaugas of the Credit First Nation, and recognize that Toronto is “one dish with one spoon” territory. What this acknowledgement means to me is that I'm grateful to the indigenous stewards of these lands, who have made it possible for me to participate in these important discussions today. It also serves as a reminder of my commitment to continue to remove barriers that have, in the past, made it difficult for indigenous peoples to access financial services and have meaningful careers in the financial industry. I make these commitments as an individual and as the president and CEO of Scotiabank.

I have the honour of leading this bank, which has an almost 200-year history supporting Canadians with their financial needs. Employing 40,000 people and serving more than 11 million clients from coast to coast to coast, we take our role as an important pillar of the Canadian economy seriously. We're also a leading bank across North America, including being a top-10 foreign bank in the United States and the fifth-largest bank in Mexico, with a market-leading presence in jurisdictions across the Caribbean and Latin America. In all the markets in which we operate, climate change represents both an economic and a business opportunity and a complex risk for our clients and to our economy and physical environment.

For Scotiabank's part, we're focused on working with our clients—including large corporate clients in high-emitting, hard-to-abate sectors, as well as smaller companies in the clean energy and technology sectors—to support them in the energy transition. Earlier this year we released a stand-alone climate report to provide information about the ways in which Scotiabank is addressing climate action.

Our climate goals are organized around three pillars in which we as a bank can make the most significant impact. First, we are financing climate solutions, with $350 billion in climate-related finance by 2030, and are supporting our clients through advisory services and products as they invest in less carbon-intensive business models, finance emission-reducing technologies and develop sustainable supply chains.

Second, we are advancing sectoral targets by enhancing our understanding of our clients' transition-planning activities, especially in industries where we have set 2030 interim targets, including oil and gas. We also enhanced our financed emissions reporting and support for innovative research aimed at moving the needle on climate change.

Finally, we are reducing our own emissions. In 2023 we committed to reduce the bank's own greenhouse gas emissions by 40% by 2030. This year we reached our goal to have 100% of our electricity come from emission-free sources in Canada.

At the end of this year we'll be publishing a more fulsome climate transition plan that will outline our strategy and implementation plans to embed climate into relevant discussions across the enterprise. However, even with these actions, no bank can deliver this transition on its own. The transition to a low-carbon economy is a complex process that will take time and will need to occur in an orderly and responsible way, with close partnership between the private sector, government and institutions, to tackle the multipronged challenge of decarbonization and energy security, access and affordability.

As I have this opportunity before you, as representatives from all our major political parties, my message is this: Canada is blessed with an abundance of natural resources, a highly educated population, strong governance and a reliable financial system, all of which are required to accelerate economic growth and overcome many environmental challenges before us. Our production and environmental standards are among the highest in the world, regulated by institutions that ensure that industry practices are monitored, measured, verified and authenticated. Our extensive geography and geology allow for a growing mix of energy products at a time when the need for new and sustainable infrastructure across the continent, especially electricity generation, is undeniable. By clearing the obstacles that inhibit investment in technology and infrastructure, we have an opportunity to link Canada's climate strategy with our industrial strategy to reduce emissions and become recognized as a low-carbon, high value-add and high-IP leader in global sustainable infrastructure.

I recognize that the path forward will not be easy, but Canada's potential to reduce emissions while having a thriving economy is there. Scotiabank is here to support those efforts.

Thank you very much for your time today.