Big banks say sustainability pledges not enough

Canadian banks have drawn criticism from climate activists and investors over using sustainability-linked financing merely for the pretence of a lower carbon footprint rather than take meaningful steps in that direction. — Bloomberg

TORONTO: Some of Canada’s biggest banks have for the first time said their green financing efforts may not necessarily curtail emissions growth, after years of pressure from activists to improve transparency in their climate goals.

Canadian banks, said to be one of the biggest fossil-fuel financiers globally, have drawn criticism from climate activists and investors over using sustainability-linked financing (SLF) merely for the pretence of a lower carbon footprint rather than take meaningful steps in that direction.