(Toronto) Some Canadian banks are beginning to differentiate on climate policies after all unveiling their first carbon-neutrality plans, according to a report by a group of climate advocates.
The Investors for Paris Compliance Bulletin highlights some of the emerging differences between banks’ policies, including the ambition of their goals, what their goals cover, and overall the level of detail and transparency provided by banks.
It notes that all banks are reluctant to set reduction targets for their overall emissions financed by the oil and gas sector, although Bank of Montreal has set an absolute target for one aspect of this category, while TD Bank has received the higher marks for its targets by setting higher goals that cover more of its activities.
The report also revealed that TD was slightly ahead on the disclosure front, as it disclosed its total funded shows including lending and underwriting across all regions, unlike some of its competitors.
The Royal Bank, which last presented its interim targets in October, fell behind in most categories, partly due to the height of its oil and gas emissions reduction targets, as well as aspects of its business not included in the targets, such as underwriting.
The bank cited the statement from the Canadian Bankers Association, which issued a general statement noting that banks in Canada are committed to doing their part to combat climate change and recognize that strong commitments are needed to achieve the goal to achieve a climate-neutral economy.
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