{"id":64256,"date":"2022-11-29T06:32:26","date_gmt":"2022-11-29T11:32:26","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64256"},"modified":"2022-11-29T06:32:26","modified_gmt":"2022-11-29T11:32:26","slug":"canadian-banks-slammed-for-continued-fossil-fuel-investments","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64256","title":{"rendered":"Canadian Banks Slammed For Continued Fossil Fuel Investments"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Crude-Oil\/Canadian-Banks-Slammed-For-Continued-Fossil-Fuel-Investments.html\">Canadian Banks Slammed For Continued Fossil Fuel Investments<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li aria-level=\"1\">Canadian banks are receiving backlash from investors for their continued investments in fossil fuels.<\/li>\n<li aria-level=\"1\">All Canadian banks were revealed to have increased their exposure to fossil fuels between 2020 and 2021, by between 25 percent\u2014TD and BMO\u2014and 132 percent for CIBC.<\/li>\n<li aria-level=\"1\">The report is the latest example of investor pressure on financial institutions to reduce their lending to fossil fuel companies.<\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-11-28_ut2qxmwmjt.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2022-11-28_ut2qxmwmjt.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-11-28_ut2qxmwmjt.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p>An investor group has criticized Canadian lenders for investing heavily in fossil fuels despite the Paris Agreement, noting that all of the largest Canadian banks still need to be ready for net zero.<\/p>\n<p>In a<a href=\"https:\/\/www.investorsforparis.com\/wp-content\/uploads\/2022\/11\/Full-Report-Card-1.pdf\" target=\"_blank\" rel=\"noopener\">\u00a0report<\/a>\u00a0titled Net Zero Policy Report Card, Investors for Paris Compliance graded Canada\u2019s largest banks on several indicators, including fossil fuel investments, climate targets, and emissions reporting.<\/p>\n<p>In fossil fuel investments, all banks were revealed to have increased their exposure between 2020 and 2021, by between 25 percent\u2014TD and BMO\u2014and 132 percent for CIBC.<\/p>\n<p>According to the report, RBC invested $48.5 billion in fossil fuels last year, up 101 percent on 2020, and Scotiabank increased its exposure to the sector by 87 percent to $38 billion.<\/p>\n<p>TD\u2019s fossil fuel investments rose to $26.4 billion, and BMO\u2019s went up to$23.5 billion. CIBC invested $27.8 billion in fossil fuels in 2021, Investors for Paris Compliance said, noting that the sixth bank under review, National Bank, had no data published on its fossil fuel industry exposure.<\/p>\n<p>The report is the latest example of investor pressure on financial institutions to reduce their lending to the fossil fuel sector and focus on emission reporting and reducing measures in line with international Paris Agreement commitments.<\/p>\n<p>This, however, stands in stark contrast with warnings, including from the IEA, that not enough is being invested in the new supply of fossil fuels, including coal, which this year saw a real renaissance.<\/p>\n<p>\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Canadian Banks Slammed For Continued Fossil Fuel Investments Canadian banks are receiving backlash from investors for their continued investments in fossil fuels. All Canadian banks were revealed to have increased their exposure to fossil fuels between 2020 and 2021, by between 25 percent\u2014TD and BMO\u2014and 132 percent for CIBC. The report is the latest example [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[63,103,328,13719,5332],"class_list":["post-64256","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-banks","tag-canada","tag-fossil-fuels","tag-irina-slav","tag-oilprice-com"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64256"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64256\/revisions"}],"predecessor-version":[{"id":64257,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64256\/revisions\/64257"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}