Representatives from Canada's five biggest banks will face questions from MPs this afternoon over their commitments to help reduce greenhouse gas emissions and spur the transition to renewable forms of energy.The CEOs of Canada's five largest banks appear before a parliamentary committee to discuss the financial sector and climate change.
Canadian banks have come under criticism for how their lending practices contribute to climate change, given that they are among the largest financiers of oil, gas and coal globally.The five largest banks have made both short- and long-term emissions reduction targets, including net-zero financed emissions by 2050, but have also been criticized for not moving fast enough.
The bill was tabled more than two years ago, but it remains at the committee stage in the Senate. It faces several more hurdles before it would be put to a vote in the Senate, and then make its way to the House of Commons.
Julie Segal, a climate finance specialist with the advocacy group Environmental Defence, said Thursday the banks' "voluntary climate commitments have proven fickle," and more regulations are "direly needed."
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