June 23rd, 2024

Bank chief executives summoned to House of Commons environment committee

By The Canadian Press on May 17, 2024.

A parliamentary committee has summoned Canada's big five bank CEOs to talk about the environmental and climate impacts of the financial system. Bank towers are in Toronto's financial district on Wednesday, June 16, 2010. THE CANADIAN PRESS/Adrien Veczan

OTTAWA – A parliamentary committee has summoned Canada’s big five bank CEOs to talk about the environmental and climate impacts of the financial system.

The House of Commons environment committee has set a date of June 13 for the chief executives of RBC, TD Bank, CIBC, BMO and Scotiabank to appear, according to meeting minutes.

Scotiabank and CIBC confirmed their CEOs plan to appear, while other banks did not immediately clarify if they plan to attend.

A summons is generally used to compel attendance when invitations to appear at a committee meeting are declined.

The banks have faced scrutiny for their lending practices and environmental track record, including the hundreds of billions of dollars in funding they’ve provided to fossil fuel companies in recent years.

Banks have made both short and long-term emission reduction targets, but face criticism for not moving fast enough.

This report by The Canadian Press was first published May 17, 2024.

Companies in this story: (TSX:RBC; TSX:TD; TSX:CM: TSX:BNS; TSX:BMO)

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