TORONTO — Canadian banks provided almost US$104 billion in fossil fuel funding last year despite the urgent need to reduce emissions, says the latest annual Banking on Climate Chaos report.
The report out Monday from a coalition of climate groups said the total includes US$28.2 billion from RBC to place it seventh globally and US$24 billion from Scotiabank to rank 10th.
The top 60 banks together committed US$708 billion.
For most of Canada’s five biggest banks, 2023 was among their lowest levels of oil and gas financing in the eight years since the Paris climate agreement.
BMO had its outright lowest year of fossil fuel financing since 2016, with
→ Continue reading at BIV