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Canadian Banks Net Zero Report Card

One year since committing to the NZBA, Investors for Paris Compliance grades the progress of Canada’s six largest banks in developing their net zero policies. In particular, the report grades each bank’s: 1) financed emissions reporting, 2) interim financed emissions reduction targets, and 3) supporting net-zero strategies. The report provides a grading scheme for each…

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Insurance companies’ financed emissions estimated to be larger than those of major Canadian provinces

Sun Life and Manulife found to be in early days of implementing net zero plans, with major gaps remaining (September 21, 2022; Toronto, Canada) Today the shareholder advocacy group Investors for Paris Compliance released the report Insuring the Climate Crisis which documents the financed emissions of insurance giants Sun Life and Manulife and their efforts…

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Report Release: Best Practices for Canadian Banks’ Net Zero Implementation

Today, the shareholder advocacy organization Investors for Paris Compliance released a set of best practices for Canadian banks to make good on their net zero pledges. Based on experience around the world, the guide provides investors, customers, and the general public a framework to evaluate whether banks are following through on their climate commitments. I4PC…

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Tough Questions About The CSA Transition Taxonomy

Soon the Canadian Standards Association (CSA) will release its work on what’s called a “transition taxonomy,” essentially a definition-setting exercise for what kind of projects should qualify for transition financing, a branch of “sustainable” financing. The stakes are high. Finance is under increasing pressure to move money away from activities causing the climate crisis and towards those…

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Mark Carney vs. the IEA: Will bankers accept the net-zero math on fossil fuels?

Canada’s banks are coming under increasing pressure for their fossil fuel financing, among the highest in the world. But recently they joined Mark Carney’s Net-Zero Banking Alliance (NZBA) – en masse – so that’s fixed, right? Well not exactly. Or at all, really. Leaked emails show that advisors to the Glasgow Financial Alliance for Net Zero (GFANZ) of which NZBA…

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