A new report from an advocacy group says that Canada's big banks show "no urgency" in ramping up action against climate change. The Bay Street Financial District is shown with the Canadian flag in Toronto, Friday, Aug. 5, 2022. THE CANADIAN PRESS/Nathan Denette
TORONTO – A new report from an advocacy group says that Canada’s big banks show “no urgency” in ramping up action against climate change.
The report by Investors for Paris Compliance, which ranks the climate efforts of banks, finds little progress from its initial assessment out in 2022.
Canada’s Big Six have all committed to reach net-zero financed emissions by 2050, but groups like Investors for Paris Compliance are pushing for much more immediate action given the scale of the climate crisis.
Investors for Paris Compliance notes that while banks have in the past year rolled out some additional shorter-term emission targets, and details on how they’re working with clients to reduce their footprint, they all continue to finance fossil fuel expansion projects with no policies against the practice.
The group also highlights shortcomings with the “sustainable finance” efforts of banks, noting that the nearly $2 billion in targeted funding for the segment comes with a lack of standards to avoid greenwashing.
Canadian banks have maintained the importance of working with clients across industries to help them transition to a more sustainable future, while helping meet interim energy demands.
This report by The Canadian Press was first published July 26, 2023.
