TORONTO — 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.
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.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.
"There's still massive amounts of money on the scale of, you know, tens of billions of dollars that are flowing into extreme forms of oil and gas, that are flowing into expansion projects that lock us in for a long time." Bank climate targets are fairly long-term, including their net-zero emissions goal of 2050. Only BMO has set an absolute reduction target before then.
The report notes the companies behind the projects were among the top recipients of fossil fuel expansion funding globally. TC Energy Corp. raised US$15.3 billion from the 60 banks covered in the report, while Trans Mountain Corp. raised US$9.54 billion.
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