While banks recognize that Canadians are living through a wildfire season like no other, activists say they aren't delivering where they're most needed.
The report found that RBC, for example, was directing about 40 cents towards clean energy solutions for every dollar into oil and gas in 2021, half of the global average ratio of 0.8-to-one and well below the four-to-one ratio needed by 2030 to keep warming to 1.5 degrees.
The group attributes the lower dollar amount to record earnings last year amid a spike in energy prices, rather than to any notable shift in bank policy.Asked directly whether they were adjusting climate plans in light of the record-breaking wildfires and global heat this year, Canada’s biggest banks largely stuck to their established messages that they are committed to climate action and helping clients transition.
But while climate advocates call for more action from banks, the lenders are currently hard-pressed to make big lending shifts to renewables from oil and gas, said Ryan Riordan, director of research at Queen’s University’s Institute for Sustainable Finance. The challenge comes as banks are being more cautious on lending generally, said Shilpa Mishra, managing director of BDO’s capital advisory services practice.Story continues below advertisement
She said she hasn’t seen any notable shift in oil and gas lending trends, but that ESG strategies are increasingly part of the investment criteria.
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