Canadian banks have once again ranked among the world’s leading fossil fuel financiers, according to the Banking on Climate Chaos report released by a coalition of environmental groups. The report revealed that global lending and underwriting to fossil fuel companies jumped by US$162.5 billion in 2024, reaching US$869 billion—an increase that reverses a three-year downward trend, despite 2024 being the hottest year on record.
RBC, Canada’s largest bank, placed eighth globally with US$34.3 billion in new fossil fuel financing, while TD Bank Group ranked ninth with US$29 billion. Scotiabank, CIBC, and BMO followed in 13th, 14th, and 16th positions respectively. All five major Canadian banks increased their fossil fuel funding from the previous year, including a 46% surge for TD and a 41% rise for CIBC.
Richard Brooks, climate finance program director at Stand.earth, criticized Canadian banks for being out of step with climate science and failing to show leadership as the planet warms at an alarming rate.
In response, the Canadian Bankers Association stated that banks remain committed to helping clients transition to a net-zero economy by 2050 and understand the need for firm commitments to support clean economic growth.
Swifteradio.com
