Scotiabank invests $102m in global initiatives, enhancing economic resilience and supporting disadvantaged groups
Scotiabank today published the 2023 ScotiaRISE Impact Report, which details the impact of the ScotiaRISE initiative on promoting economic resilience and inclusion since its inception.
Over three years, the bank has contributed $102m to support 200 organizations worldwide. These organizations deliver programs that assist individuals from disadvantaged groups at 1.6 million critical moments.
The report highlights the success of ScotiaRISE in its ongoing ten-year, $500m commitment to social impact. The initiative focuses on three primary areas: enhancing participation in high school and post-secondary education, eliminating career barriers, and fostering economic inclusion for newcomers.
Additionally, ScotiaRISE supports programs aimed at the reclamation of Indigenous languages and cultures, as well as addressing urgent and basic needs such as access to food, water, shelter, and medical care.
Meigan Terry, senior vice president and chief Sustainability, Social Impact and Communications Officer at Scotiabank, stated, “Our ambition for ScotiaRISE is inspired by our purpose as a bank to be here for every future and to make a positive contribution to the communities across our footprint.”
“The need for support has never been greater, and we are proud to enable the efforts of a global network of community organizations who are leading the way in making greater economic inclusion possible,” she continued.
As ScotiaRISE continues to adapt to meet the specific needs of global communities, it has refined its strategy for the Latin America and Caribbean regions in 2023.
This refinement includes directing support towards enhancing access to quality education, developing digital skills, aiding career entry and advancement, and fostering community-based social harmony and human rights initiatives.
In 2024, ScotiaRISE will allocate at least six percent of its Canadian community investment budget to support Indigenous community organizations and activities focusing on education, employment, and other program areas.
Launched in 2021, ScotiaRISE was recognized with a Banking in the Community award in 2022 from The Banker, acknowledging its significant impact on the communities Scotiabank serves.
