TORONTO, July 21 /CNW/ - Scotiabank today announced a series of
initiatives designed to help support sustainable forestry practices and reduce
the Bank's environmental footprint.
    "Scotiabank's aim is to reduce the Bank's impact on the environment by
improving our efficiency in the use of paper products, while also purchasing
paper from environmentally sustainable and ethical sources," said Kaz Flinn,
Vice-President, Corporate Social Responsibility, Scotiabank. "This commitment
extends to promoting a culture of conservation among Scotiabank employees and
customers."
    The initiatives - outlined in the new Scotiabank Environmental Paper
Policy - detail the Bank's commitment to further integrating environmental
considerations into its purchasing decisions, setting a reduction target for
paper use and expanding recycling programs in its international operations.
    "Scotiabank is actively promoting paperless banking options to customers
where appropriate," added Ms. Flinn. For example, 18,000 employee bank
accounts have been switched to paperless accounts, contributing to a
109 per cent increase in the number of paperless accounts since 2006. "The
Bank has also made a commitment to purchasing multi-functional office
equipment - which combines devices such as photocopiers, printers and fax
machines into single units - in order to enhance energy efficiency and reduce
the consumption of paper."
    The new paper policy further expands Scotiabank's conversion to the use
of products certified by the Forestry Stewardship Council (FSC), adding bond
copy paper - a significant portion of overall paper purchases - to the Bank's
growing inventory of FSC-certified paper supplies, including envelopes,
business cards and corporate publications, such as annual reports. The Policy
is available at www.scotiabank.com/csr.
    "We congratulate Scotiabank on their commitment to buying FSC products,
the responsible paper choice," said Hadley Archer, Director of Business
Engagement, World Wildlife Fund (WWF) Canada. "Paper consumption is one
important environmental consideration for banks. By choosing paper certified
to FSC standards, the most rigorous international certification system for
forest management practices and by committing to use less paper and increase
recycling efforts, Scotiabank is taking an important step in reducing their
operational environmental footprint."
    In 2007, Scotiabank is also providing financial support to WWF-Canada for
its work with the Forest Products Association of Canada (FPAC), which has
committed to a goal of achieving industry-wide carbon neutrality- without
carbon offset credits - by 2015.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With $453 billion in assets (as at April 30, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.