Advocacy group says banks show little progress on climate action

TORONTO –

A brand new report from an advocacy group says that Canada’s massive banks present “no urgency” in ramping up motion towards local weather change.

The report by Investors for Paris Compliance, which ranks the local weather efforts of banks, finds little progress from its preliminary evaluation out in 2022.

Canada’s Big Six have all dedicated to succeed in net-zero financed emissions by 2050, however teams like Investors for Paris Compliance are pushing for way more fast motion given the dimensions of the local weather disaster.

Investors for Paris Compliance notes that whereas banks have up to now 12 months rolled out some extra shorter-term emission targets, and particulars on how they’re working with shoppers to scale back their footprint, all of them proceed to finance fossil gas growth initiatives with no insurance policies towards the follow.

The group additionally highlights shortcomings with the “sustainable finance” efforts of banks, noting that the almost $2 trillion in focused funding for the section comes with a scarcity of requirements to keep away from greenwashing.

Canadian banks have maintained the significance of working with shoppers throughout industries to assist them transition to a extra sustainable future, whereas serving to meet interim power calls for.

This report by The Canadian Press was first revealed July 26, 2023.