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GHG reduction: Canadian banks among the worst

Natasha Kumar By Natasha Kumar Dec15,2023

Since 2021, only CIBC and National Bank have improved in the ratio of investments dedicated to low-carbon energy .

Reduction of GES: Canadian banks among the worst

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Only CIBC and National Bank have improved their performance since 2021.< /p>The Canadian Press

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A BloombergNEF report reveals that while Canada's top five banks are among the largest lenders to the energy sector globally, they rank among the worst of the top 100 when it comes to financial services. this is the portion of this funding dedicated to low-carbon energy sources.

The report states that x27;In 2022 banks around the world spent about 73 cents on low-carbon energy for every dollar spent on fossil fuel supplies, a ratio of 0.73 to one.< /p>

That's a far cry from the four-to-one ratio the report says they need to reach this decade to limit global warming to 1.5 degrees Celsius.

Canada's largest banks have ratios ranging from 0.45 to one for BMO's $18.9 billion in energy financing, putting it in 88th place at 0.32. for one, for Scotiabank's $35.9 billion in funding, putting it outside the top 100.

Between the two, CIBC had a ratio of 0.41 to one for its $17.9 billion in funding, RBC a ratio of 0.37 to one for its $42.7 billion, and TD Bank a ratio of 0.35 to one for its 30.2 billion in financing, which placed it at the bottom of the list of 100 banks.

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The head office of the National Bank in Montreal

National Bank is a special case, with $1.10 in low-carbon financing for every dollar invested in fossil fuels for its $14.9 billion in financing, ranking it 52nd worldwide.

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The report shows that the ratios of BMO, TD and Scotiabank deteriorated compared to 2021, that of RBC remained unchanged, while those of CIBC and National Bank improved.

Richard Brooks, director of climate finance at environmental organization Stand.earth, said in a statement that he was disappointed to see the lack of progress by banks on climate solutions, while the world is already feeling the effects of extreme weather.

No bank is doing its fair share of the work needed to transition our global energy systems. In fact, they continue to make the problem worse.

A quote from Richard Brooks, director of climate finance at Stand.earth

The banks had no immediate comment.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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