The commitment by the banks, which include
The industry-led alliance commits signatory banks to aligning their lending and investment portfolios with net-zero emissions by 2050, as well as to setting intermediate reduction targets for 2030 or sooner.
The alliance, part of the wider
Carney said in a statement that the financial systems needs to transform to ensure a "prosperous and just transition to net-zero" and that by joining the alliance, Canadian banks are "bringing their deep expertise and strong balance sheets to drive solutions for the sustainable economy."
The alliance has, however, come under criticism for not going far enough, including ads published last week by more than 90 environmental groups that urged Carney to be more ambitious with membership requirements.
The groups want to see more immediate targets laid out to phase out fossil fuel funding, a prohibition on financing any new fossil fuel projects, and a goal of halving financed emissions by 2030.
"The world is accelerating toward a zero-carbon economy and Canadian banks are still playing catch up. Until they commit to a near-term phasing out of all financial support for fossil fuels and to fully respect Indigenous rights, they will still be part of the problem."
"This includes working with clients in emitting sectors, whose reduction strategies and increased investment in renewables and clean tech projects are critical to reaching Canada’s emissions targets."
The six banks join Vancity and
This report by
Companies in this story: (TSX:RY; TSX:BMO; TSX:CM; TSX:BNS; TSX:TD; TSX:NA)
© 2021 The Canadian Press. All rights reserved., source