​Canadian banks 'show no urgency' in race to net zero: Report - BNN Bloomberg

, released on Wednesday, found the banks showed few new policies to decarbonize their portfolios. It also raised questions about the banks’ sustainable finance pledges. Canada’s leading banks received ratings between B, meaning good coverage, to D, meaning insufficient coverage. The “interim oil and gas” target category showed the most weakness, as only two out of the six banks -- TD Bank and National Bank of Canada -- set additional targets since last year.

Loan amounts for oil and gas declined at four banks, Canadian Imperial Bank of Canada , TD, Bank of Montreal and National — however, they stayed constant at Scotiabank and slightly increased at Royal Bank of Canada . “It is worth noting that when including underwriting activity and the entire fossil fuel value chain, the Banking on Climate Chaos report indicates that from 2021 to 2022 fossil fuel financing increased substantially at TD , followed by RBC ,” the data showed.

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