Canada's biggest banks could be pushed out of a UN-backed, net-zero emissions coalition if they don't boost their climate commitments, a report released Wednesday by Greenpeace Canada says.
The RBC Royal Bank of Canada logo is seen in Halifax on Tuesday, April 2, 2019. THE CANADIAN PRESS/Andrew VaughanCanada's biggest banks could be pushed out of a UN-backed, net-zero emissions coalition if they don't boost their climate commitments, aThe report focuses on updated standards released in June that lay out more clearly the expectation of members of the Race to Zero coalition.
Last year RBC, TD, CIBC, BMO and Scotiabank all joined the Glasgow Financial Alliance for Net Zero, led by former Bank of Canada governor Mark Carney. The alliance, which is anchored by the Race to Zero rules and criteria, commits the banks to reaching net-zero financed emissions by 2050 and to set interim reduction targets to be achieved by 2030.
In releasing the refined criteria, the group said it was making explicit what had previously been implicit in the guidelines to “clearly show those actors who are truly moving ahead versus those who are trying to find loopholes.” Four of Canada's biggest banks released their 2030 targets earlier this year, which range from 24 per cent to 35 per cent reductions in financed emissions, while RBC says it expects to release targets this fall.
“Banks will continue to work with their clients in the oil and gas industry to help them transition to a more sustainable future ... by funding pathways to sustainability, banks are helping Canada progressively reduce its emissions while also helping meet energy demands in a volatile global context.”
Along with extreme droughts in Europe, China, the Horn of Africa and the U.S. Southwest, this week saw extreme rainfall in Pakistan that has killed over 1,000 people, about a third of them children.
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