Today 23% of Enbridge shareholders - equivalent to almost $25 billion - voted in favour of the shareholder proposal submitted by Investors for Paris Compliance (I4PC) regarding strengthening the company’s net zero commitment. More background on the proposal can be found here and on why we filed this proposal here.  Statement by Duncan Kenyon, Director…

Investors for Paris Compliance is working with investors to hold publicly traded companies accountable for developing and implementing science-based, Paris aligned net zero commitments. Such commitments are the foundation of a credible and robust framework for companies to manage the opportunities and risks associated with the economic and political shifts associated with a 1.5°C future. …

Recently we filed a shareholder resolution at RBC asking management to update the banks’ “sustainable finance” practices to end greenwashing. The vote got 9%, which seems low but is actually a pretty good result for a resolution first time out, particularly given that the deck is stacked against any resolution passing. But now what? RBC…

Climate Action 100+ (CA100+) “is an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.” Each year it puts out an evaluation of some of the largest polluters in the world on their progress towards net zero. The CA100+ is an impressive group of investors with major…

Toronto, April 14, 2022 – Enbridge (TSE: ENB) will face a shareholder proposal at its annual general meeting on May 4 regarding the adequacy of its net zero plans. While the company claims to have a net zero strategy, the proposal asks for this to be “science based,” with several measures that would prove it to…

Today 8% of RBC shareholders - equivalent to over $15 billion - voted in favour of the shareholder proposal submitted by Investors for Paris Compliance (I4PC) regarding strengthening the bank's criteria for "sustainable finance." More background on the proposal can be found here and on RBC’s overall net zero plans here. Statement by Matt…

Today CIBC released its net zero update, including interim 2030 targets for oil and gas. Said Matt Price, Director of Corporate Engagement of Investors for Paris Compliance: “We’re disappointed that CIBC joined other Canadian banks in failing to tackle rising financed emissions with weak intensity targets for oil and gas. CIBC more than doubled its…

The backroom politics around defining “sustainable” finance in Canada continue, with the vast majority of people shut out of this critical public policy issue. You may remember earlier chapters of this saga as the CSA Group convened industry and finance stakeholders behind closed doors to try to define a “transition” taxonomy for Canada but failed…

Today Scotiabank released its Net-Zero Pathways Report outlining its next steps regarding its net zero commitment. Reaction quote: “There’s nothing in these plans that will see Scotiabank reduce the tens of billions it pours into fossil fuels each year. In fact, by relying on intensity targets, the bank is allowing itself to expand this funding,…

Today the Toronto Dominion Bank (TD) released its next steps on its climate plan as part of its Task Force on Climate-Related Financial Disclosures (TCFD) reporting. Summary quote: “Unfortunately, TD has left the door firmly open to financing fossil fuel expansion by setting only weak intensity-based 2030 targets for energy and power generation. It’s unclear…

Today the Bank of Montreal (BMO) released the next steps of its climate commitments, a week after RBC. Here is our reaction, with some high-level highlights: "BMO moved to the head of the pack of big Canadian banks with their commitment to reduce financed emissions in the oil and gas sector in absolute and not…

It’s almost enough to make you think the bank doesn’t take shareholder opinion seriously. Rather than issue a specific defense of how its “sustainable investment” practices allow it to fund fossil fuel expansion and projects opposed by Indigenous peoples, RBC instead answered (p. 96 here) the resolution we filed with vague generalities and platitudes, leaving…