Bob Grant SVP, Global Transaction Banking, Sales

Environmental issues are very much at the forefront for businesses today as they embrace best practices to help ensure their operations are as “green” and efficient as possible.

While we all know it isn’t easy being green, its integral to our future sustainability and at Scotiabank we understand that our day-to-day operations have a number of direct and indirect impacts on the environment.

As a major international financial institution, we recognize our consumption of paper products and other supplies for communication and administration, our energy usage to heat and light facilities around the world, and the footprint made by our extensive real estate holdings directly impact our environment.

Indirectly, we are involved in environmental issues through our lending, project finance and investment practices in the countries where we operate.

As a result we are committed to supporting environmental causes and collaborating with stakeholders on key environmental issues wherever we can. We are involved in a number of initiatives designed to help support sustainable forestry practices. They include a commitment to further integrating environmental considerations into our purchasing decisions, setting a reduction target for paper use and expanding recycling programs throughout our international operations. Our aim is to reduce the bank’s impact on forests and other natural resources by improving our efficiency in the use of paper products, while also purchasing paper from environmentally sustainable and ethical sources.

So, how are we doing? Our employees have helped us set an example. In July 2008 we announced that 18,000 Scotiabank employee bank accounts have been switched to paperless accounts. That’s a 109% increase in the number of paperless accounts since 2006. It didn’t take long for our customers to follow. In December 2008, Scotiabank welcomed our one millionth paperless banking customer.

Each year, more and more businesses are performing their transactions online -- from payments to trade finance and foreign exchange services – helping us reduce paper consumption overall. So, it was a natural evolution for InterAction, our quarterly business journal, to go entirely online. Up until now, the printed version has been delivered to over 15,000 subscribers four times a year. By going “green”, we will save 128,000 sheets of paper, protecting up to 29 trees every year. Also, by delivering InterAction to our clients online, we will be able to provide more timely news and stories throughout the year.

At Scotiabank, we look forward to continuing to find new opportunities to support our communities and to working with you to support your business strategies with products and services that meet your day-to-day banking and investment needs. Please enjoy this first issue of 2009 and accept our best wishes for the New Year.