The top 60 banks together committed US$708 billion.
WATCH ABOVE: The Calgary Chamber of Commerce says the federal oil and gas emissions cap could hurt the value of the Trans Mountain pipeline. As Kabi Moulitharan explains, it's the latest group to push back, saying the plan will hurt the economy. – Mar 27, 2024Canadian 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.
“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.”Canadian banks understand their important role in helping lead an orderly transition to a low-carbon future, said Canadian Bankers Association spokeswoman Maggie Cheung in a statement.
Funding levels could fall further this year as major projects like the Trans Mountain pipeline expansion and Coastal GasLink pipeline are now finished.
Climate Change Energy Oil Sector Economy Environment Money
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.
Bombarded with spam texts? Stats show the problem is getting worse in Canada5,395 text messages were reported to the Canadian Anti-Fraud Centre in 2023
Read more »
Watchdog agency accuses chief of military police of blocking investigationsFile - A Canadian flag badge is displayed on the uniform of a Canadian Armed Forces soldier.
Read more »
Climate changing what’s growing on Canadian farms, eaten on Canadian tablesFrom saffron to bananas, Canada’s food growers are considering their options
Read more »
Meta's news ban changed how people share political info — for the worse, studies showThe Instagram accounts of major Canadian news organizations appear blocked on on Aug. 4, 2023.
Read more »
Dyce, Redblacks open camp with sense of urgency following difficult 2023The Ottawa Redblacks opened training camp on Sunday as they prepare for the 2024 season. It was a tumultuous 2023 for Ottawa, as they finished tied for the worst record in the Canadian Football League at 4-14.
Read more »
Diamondbacks, Marlins regress after making playoffs in 2023The Diamondbacks and Marlins both made the postseason last year despite negative run differentials — Arizona's was minus-15, and Miami's was a whopping minus-57. The Diamondbacks not only reached the playoffs but went all the way to the World Series, but right now Arizona is languishing under .
Read more »