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Canadian Banks' Fossil Fuel Funding Nearly Double Compared with Renewables: Report
Canadian banks funded US$145 billion for fossil fuels and US$75 billion for renewables in 2024, with only one major bank favoring low-carbon investments, BloombergNEF reported.
- Canada's major banks financed about $200 billion in fossil fuels and $104 billion in low-carbon energy in 2024, according to BloombergNEF.
- The ratio for Canada's Big Six banks was 0.61 to 1, a decrease from 0.67 to 1 in 2023, as reported by BloombergNEF.
- RBC had the highest ratio among Canadian banks at 0.61 to 1, while TD Bank Group had the lowest at 31 cents for low-carbon energy per dollar for fossil fuels, reported The Canadian Press.
- Richard Brooks from Stand.earth noted that voluntary bank actions are insufficient, urging governments to legislate stronger bank regulations to achieve climate targets.
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Winnipeg Free Press+7 Reposted by 7 other sources
Canadian banks' fossil fuel funding nearly double compared with renewables: report
Breaking News, Sports, Manitoba, Canada
·Winnipeg, Canada
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Fossil energy is far ahead of renewables in bank financing. The post Canadian banks invested approximately US$145 billion in fossil fuels in 2024 appeared first on Les Affaires.
Coverage Details
Total News Sources12
Leaning Left6Leaning Right1Center1Last UpdatedBias Distribution75% Left
Bias Distribution
- 75% of the sources lean Left
75% Left
L 75%
13%
12%
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