Canadian Banks undermine net-zero commitments, report finds

A recent report by InfluenceMap has revealed that Canada’s five largest banks undermined their net-zero commitments in 2022, maintaining higher exposure to the fossil fuel industry compared to their US and European counterparts.

According to InfluenceMap, none of the Big Five banks demonstrated leadership in integrating climate considerations into their strategies effectively. Despite being signatories to the global Net Zero Banking Alliance (NZBA), their fossil fuel financing activities were found to be misaligned with net-zero pathways outlined by leading climate authorities.