National Bank Of Canada Publishes Its 2020 ESG Report

National Bank of Canada announced it has released its 2020 Environmental, Social, and Governance (ESG) report. Canada’s sixth-largest bank revealed some measures it is taking to tackle climate change.  National Bank of Canada (NA) announced a target Read More... The post National Bank Of Canada Publishes Its 2020 ESG Report appeared first on TipRanks Financial Blog.

National Bank Of Canada Publishes Its 2020 ESG Report

National Bank of Canada announced it has released its 2020 Environmental, Social, and Governance (ESG) report. Canada’s sixth-largest bank revealed some measures it is taking to tackle climate change. 

National Bank of Canada () announced a target to achieve net-zero greenhouse gas (GHG) emissions from its operating and financing activities by 2050. The bank will set interim reduction targets on the path to the 2050 target, including the reduction of GHG emissions by 25% by the end of 2025, compared to 2019 levels, from operations under its control.

National Bank of Canada’s President and CEO Louis Vachon said, “Our commitment to major environmental, social and governance issues has remained strong in 2020. Our approach helps communities prosper and promotes our shared values by putting people first. Over the coming years, we will continue to improve our practices and support our clients and suppliers in their climate transition, with the goal of achieving carbon neutrality by 2050. Our interim targets will drive the process forward and help ensure this key goal is reached for the benefit of our planet." (See National Bank of Canada stock analysis on TipRanks) 

In addition, National Bank has joined the Partnership for Carbon Accounting Financials (PCAF). The global partnership of financial institutions is working together to develop and implement an approach to measure and disclose the GHG emissions of loans and investments. 

Last month, Desjardins analyst Douglas Young upgraded the stock to Buy from Hold and raised his price target from C$83.00 to C$87.00 (-1% downside potential). Young sees better earnings prospects and an attractive return on equity. 
 
Overall, the consensus among Wall Street analysts is a Moderate Buy based on 5 Buys, and 5 Holds. The average analyst price target of C$88.40 implies an upside potential of about 0.5% to current levels. Shares have soared by about 70% over one year. 

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