Canadian banks face squeeze between climate expectations, market pressures

📆 2023/08/28 2:15:00
📰 SooToday

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TORONTO — In May, Canadian banks offered support to those affected by an early wave of wildfires in Alberta. In June, they extended the offer to those hit in Nova Scotia, and some expanded it further as fires also raged in Quebec and Ontario.

This past week, banks said they would again offer support, through donations and potential payment deferrals, this time to help Canadians reeling from fires in the Northwest Territories and British Columbia.

He pointed to a report from BloombergNEF released earlier this year that showed Canadian banks lag in their low-carbon energy supply funding, compared with what the most frequently referenced climate scenarios say is necessary. The group attributes the lower dollar amount to record earnings last year amid a spike in energy prices, rather than to any notable shift in bank policy.

But while climate advocates call for more action from banks, the lenders are currently hard-pressed to make big lending shifts to renewables from oil and gas, said Ryan Riordan, director of research at Queen’s University’s Institute for Sustainable Finance. The accountancy firm found that in the second quarter, lending growth slowed to five per cent quarter-over-quarter, compared with an average of 8.3 per cent in the past two years.

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