Which Canadian banks fined the highest fossil fuel or renewable last year?
A new report stated that large Canadian banks funded about $ 200 billion in fossil fuel investment last year, compared to about $ 104 billion for low carbon energy.
The report of Energy Transition Research firm Bloombergenf has focused on the ratio of global bank funding in oil, gas and coal projects compared to low carbon investments such as wind, solar and electrical grids, to see how much financial institutions are helping or obstructing the infection.
Canadian financing is a global average for renewal
Bloombenfef found that globally, the ratio for banks was moving towards low carbon options for every dollar for fossil fuels in 89.2024-the same rate as a year ago.
The ratio of Canadian Big Six banks was 0.61 to 1 from 0.67 to 1 in 2023. However, the picture was mixed, some of which saw a high ratio of funding for renewal and others.
The Canadian Bankers Association did not immediately respond to the remarks request.
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Except for the National Bank – one of the six major lenders to fund more renewable than fossil fuels worked as an outdoor – 0.47 to 1, compared to 1 year ago, 0.49 to 1 in 2024.
Last year, RBC committed to release its own calculated energy supply ratio, but said in April that it would not publicly disclose it, citing new greenwashing laws. Scotiabank committed to release its findings next year.
Ranking Big 5
RBC-also committed to provide $ 35 billion in low-carbon financing by 2030-the best performance in five banks with a ratio of 0.61 to 1.
The TD Bank Group had the worst proportion of its Canadian banking peers, with 31 cents less-carbon for each dollar directed on fossil fuels.
Large banks in Canada have set a target of emissions of net zero financing by 2050.
