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Canadian banks face squeeze between climate expectations, market pressures

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While banks recognize that Canadians are living through a wildfire season like no other, activists say they aren't delivering where they're most needed: on efforts against the climate change trends making the infernos worse.

"The Arctic is on fire at the same time as Hawaii, and a hurricane has hit Baja California for the first time in 90 years -- what more will it take to get our banks to take the right actions?" said Stand.earth climate finance director Richard Brooks.

Meanwhile, in late July, advocacy group Investors for Paris Compliance issued a report card on bank climate policies that found "no urgency" in their actions. "We firmly believe there is a need for more concerted action at a faster pace to address climate change," said Jennifer Livingstone, vice-president of enterprise climate strategy at the bank, in a statement.

The challenge comes as banks are being more cautious on lending generally, said Shilpa Mishra, managing director of BDO's capital advisory services practice.

 

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Canadian banks face squeeze between climate expectations, market pressuresTORONTO — 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.
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Canadian banks face squeeze between climate expectations, market pressuresAsked directly whether they were adjusting climate plans in light of the record-breaking wildfires and global heat, Canada’s biggest banks largely stuck to their established messages
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