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Canada's parliament grills bank CEOs on climate policy in rare meeting

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Canadian bank CEOs, representing the country's five largest banks, faced parliamentary scrutiny over their climate policies and commitments to reduce funding for fossil fuel extraction

🔭 The context: In a rare meeting, the CEOs of Royal Bank of Canada, TD Bank, Bank of Montreal, Bank of Nova Scotia, and CIBC appeared before a House of Commons committee
• They were questioned about their efforts to lower greenhouse gas emissions and shift away from fossil fuel investments as Canadian banks are significant financiers of the oil and gas sector, contributing to climate change

🌍 Why it matters for the planet: The banking sector's role in financing fossil fuel extraction is critical to Canada's overall climate impact. The country aims to cut greenhouse gas emissions by 40-45% from 2005 levels by 2030
• The banks' strategies and commitments to support this transition are vital to achieving these targets and combating global climate change

⏭️ What's next: The banks have set climate goals, including achieving net-zero operations and financed emissions by 2050
• However, they acknowledge the need for continued support for the Canadian economy, which heavily relies on the energy sector
• Environmental activists continue to demand more concrete and transparent actions from these financial institutions

💬 One quote: "Energy is still a big part of the Canadian economy. And therefore, we have to continue to support the economy as we make the transition, you have to do both, can't just do one," said RBC CEO Dave McKay.

📈 One stat: Last year, Canada's five major banks financed approximately $104 billion in fossil fuels, representing 13% of the global banking sector's fossil fuel financing

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