Bankers say they've made big strides in addressing climate change concerns and promise to reveal how dependent on carbon their portfolios are. They add the nature of Canada's resource-driven economy makes large investments in oil and gas all but inevitable."There's no significant decrease in financing," said Olaf Weber of the University of Waterloo's School of Environment, Enterprise and Development.
Earlier this month, the International Institute for Sustainable Development ranked Canada last among countries in the Organization for Economic Co-operation and Development in its attempts to end public finance of oil and gas as well as the scale of its support for exploration, production, refining, and transportation.
Alec Clark, head of global energy for TD Securities, said his bank has been disclosing its carbon-intensive investments since 2018. It has promised to be carbon neutral by 2050, aligning it with Paris agreement targets, and has pledged to invest $100 billion in renewable energy by 2030. Carl Burlock, Export Development Canada's executive vice-president, said the agency has committed to reduce the carbon intensity of its investments by 15 per cent by 2023. Those reductions will be disclosed, he said.
Source: News Formal (newsformal.com)
Canada has no significant role to play in climate change mitigation.
Likely because they have the intelligence to realize that climate change is a normal and natural phenomenon.
Banks are smart. That's why
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