The report out Monday from a coalition of climate groups said the total includes US$28.2-billion from RBC to place it seventh globally and US$24-billion from Scotiabank to rank 10th
Canadian banks provided almost US$104-billion in fossil fuel funding last year despite the urgent need to reduce emissions, says the latest annual Banking on Climate Chaos report.For most of Canada’s five biggest banks, 2023 was among their lowest levels of oil and gas financing in the eight years since the Paris climate agreement.and RBC each had their lowest with the exception of pandemic year 2020, while it was the fourth-lowest year for Scotiabank.
“Firm commitments are required to accelerate clean economic growth and that’s why banks are implementing climate action plans that set specific targets to meet the demands of this global challenge.” Funding levels could fall further this year as major projects like the Trans Mountain pipeline expansion and Coastal GasLink pipeline are now finished.
While the trends in the oil and gas industry could mean less funding is needed from banks, Brooks said it’s still important for the institutions to put policies in place that will ensure they reduce financed emissions.
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Canadian banks directed over US$100 billion to oil and gas last year: reportCanadian banks provided almost US$104 billion in fossil fuel funding last year despite the urgent need to reduce emissions, says the latest annual Banking on Climate Chaos report.
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Canadian banks directed over US$100 billion to oil and gas last year: reportTORONTO — Canadian banks provided almost US$104 billion in fossil fuel funding last year despite the urgent need to reduce emissions, says the latest annual Banking on Climate Chaos report.
Read more »
Canadian banks directed over US$100 billion to oil and gas last year: reportTORONTO — Canadian banks provided almost US$104 billion in fossil fuel funding last year despite the urgent need to reduce emissions, says the latest annual Banking on Climate Chaos report.
Read more »
Canadian banks directed over US$100 billion to oil and gas last year: reportTORONTO — Canadian banks provided almost US$104 billion in fossil fuel funding last year despite the urgent need to reduce emissions, says the latest annual Banking on Climate Chaos report.
Read more »