Scotiabank Celebrates World Environment Day by Accepting Applications for its Net Zero Research Fund
Bank of Nova Scotia (BNS), Canada’s third-largest bank, has announced it is accepting applications from academic institutions and think tanks for its Net Zero Research Fund until July 2nd.
The C$1 million fund was launched earlier this year to advance research in support of a low-carbon economy. This initiative fits nicely with Scotiabank’s climate commitments. Among these, the bank has committed to invest C$100 billion by 2025 to mitigate the impacts of climate change, with more than C$28 billion mobilized to date.
Partner organizations have to be non-profit-organizations in their jurisdiction to qualify for the Scotiabank Net Zero Research Fund. Qualifying organizations will receive grants from C$25,000 to C$100,000.
The Transition Accelerator, a national climate change non-profit, is one of the first beneficiaries of the Scotiabank Net Zero Research Fund. The organization works with groups across Canada to solve social and business challenges while creating viable pathways to decarbonize towards net-zero emissions.
The Transition Accelerator CEO Dan Wicklym said, “With electrification set to be a core component of Canada’s future clean energy system, it is vital that we think differently about how to plan for, produce, transmit and distribute clean electricity. This grant from Scotiabank’s Net Zero Research Fund will go a long way to build resilience, capacity and greater integration in our electricity grids, and position Canada for economic and environmental success in a net zero future.” (See Bank of Nova Scotia stock analysis on TipRanks)
Following Scotiabank’s Q2 results, Credit Suisse analyst Mike Rizvanovic upgraded the stock to Hold from Sell. He raised its price target to C$84.00 (from C$77.00), for 3.6% upside potential.
Rizvanovic stated that overall trends for Scotiabank are improving, “slowly but surely.” He believes that the bank’s “outsized discount” compared to other Canadian big banks fully reflects a slower recovery in investment banking. The analyst says this business provides “upside torque from an improving macroeconomic backdrop with a further benefit from execution on expense management.”
The rest of the Street is cautiously optimistic on BNS with a Moderate Buy consensus rating based on 6 Buys, 3 Holds, and 1 Sell. The average analyst price target of C$87.60 implies 8% upside potential to current levels. Shares have gained nearly 40% over the past year.
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