Scotiabank ranked ninth globally last year with US$29.5-billion in funding and TD was just behind it at about US$29-billion, while BMO ranked 15th and CIBC 16th at US$19.3-billion and US$17.9-billion respectively
At RBC’s annual shareholder meeting last week, chief executive Dave McKay emphasized the importance of energy security and an orderly transition away from fossil fuel funding as he defended the bank’s funding and climate record.
Environmental advocates have been pushing banks to phase out fossil fuel funding as a way to make it harder to build new oil and gas projects and to accelerate the transition to net zero emissions. Greenpeace Canada senior energy strategist Keith Stewart said in a statement that RBC becoming the world’s largest fossil fuel funder shows bankers can’t be trusted to do the right thing on climate change, so they need to be regulated to do so.Your Globe
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