Overview
- Canadian lenders directed about US$145 billion to fossil fuel activity in 2024 versus roughly US$75 billion to low‑carbon energy, according to BloombergNEF.
- Globally, banks reached about 89 cents in low‑carbon financing for every US$1 to fossil fuels, a pace the report says is insufficient for climate goals.
- Performance varied widely across institutions, with National Bank the only major Canadian lender financing more renewables than fossil fuels.
- RBC ranked best among the Big Five at a 0.61‑to‑1 ratio and has a US$35 billion low‑carbon financing pledge by 2030, while TD trailed peers at roughly 0.31‑to‑1.
- Transparency remained uneven as RBC declined to publish its own ratio citing new anti‑greenwashing laws and Scotiabank plans a disclosure next year, while Stand.earth urged regulation and litigation to compel change.