Several global banks have committed to ‘net-zero financed emissions’ by 2050 but have drawn doubts from many investors, due to concerns over the lack of a defined goal
Some of Canada’s biggest banks have admitted for the first time that their climate-related finance efforts may not necessarily curtail emissions growth, following years of pressure from climate activists for banks to be more transparent about their claims on climate goals.and investors for years claiming they are using sustainability-linked financing merely for pretence of a lower carbon footprint rather than take meaningful steps in that direction.
The complaint gave climate activists more fuel in their fight, that is part of a broader international push for accountability on corporate climate pledges. Bank of Nova Scotia gave a total of $132 billion since 2018 towards its target of $350 billion in climate-related finance by 2030, but said that climate-related projects “may — or may not — lead to reductions in overall emissions.”
The bank’s plans this year include tripling lending for renewable energy projects to $15 billion and boosting low-carbon energy lending to $35 billion by 2030.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shell Moderates 2030 Emissions-Cut Target in Strategy UpdateShell Plc weakened its targets for carbon-emissions cuts in the coming decade, while maintaining the ambition of becoming a net zero company by 2050.
Read more »
Airbus, EasyJet Seek UK Funding to Push Hydrogen-Powered AviationAn alliance that includes Airbus SE, EasyJet Plc and Rolls-Royce Holdings Plc is calling for more funding from the UK government for the aviation industry to be hydrogen-ready by 2050.
Read more »
Citadel Hires Several Traders Across Paris, London and New YorkCitadel has recruited several new fixed income and macro traders for its London, Paris and New York offices.
Read more »
McDonald's hit by tech outage in several countries around the worldA sign for the U.S. fast food restaurant chain McDonald's is seen outside one of their restaurants in Sint-Pieters-Leeuw, near Brussels, Belgium September 5, 2023.
Read more »
Several weapons, including 'boom stick' seized from Kingston, Ont. homeKingston police say a 39-year-old resident is facing several weapons charges after street crime unit officers searched a home this week.
Read more »