Canadian banks' funding for fossil fuels rose in 2024 despite record heat: report
Canadian banks were once again ranked as among the world's top fossil fuel financiers in a report that showed overall funding rose in 2024 despite it being the hottest year on record.
The Banking on Climate Chaos report by a coalition of environmental groups found that lending and underwriting among the world's 65 top banks rose by US$162.5 billion last year to US$869 billion, a reversal of a downward trend since 2021.
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Business Matters: Canadian banks directed nearly US$104B to oil and gas in 2023
RBC, Canada's largest bank, was ranked as the eighth biggest oil and gas financier globally with US$34.3 billion in new commitments last year, while TD Bank Group was ranked ninth with US$29 billion.
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The report pegged Scotiabank as 13th, CIBC at 14th and BMO Financial Group as 16th, with all of the big five Canadian banks showing an increase in funding from the previous year, including a 46 per cent jump for TD and a 41 per cent increase for CIBC.
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Richard Brooks, climate finance program director at Stand.earth, says the increased financing, despite the record-breaking heat, shows Canadian banks are misaligned with climate science and have abdicated any sense of leadership on the issue.
The Canadian Bankers Association says banks in the country remain committed to supporting clients in their climate transition efforts and understand that firm commitments are required to accelerate clean economic growth and meet the goal of a net-zero economy by 2050.
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