Canadian asset owners representing about $53 billion in holdings say they’re disappointed Canada’s financial institutions have left net-zero emissions initiatives and are calling for them to follow through on their climate commitments.
The 34 signatories to an open letter include the Trottier Family Foundation, the Canada Post Pension Plan, the United Church of Canada, and the University of Victoria.
Together, they’re raising concerns about the banks’ decisions to leave the UN-backed Net Zero Banking Alliance, which all of Canada’s six biggest banks quit in January to follow departures by the biggest U.S. banks ahead of Donald Trump’s inauguration Jan. 20.
The asset owners say membership in the banking alliance, as well as the Net Zero Asset Managers Initiative, signals a baseline level of climate accountability as well as consistent reporting to provide transparency and comparability.
Signatories say they expect banks to follow through on net-zero by 2050 commitments. They also call on banks to continue setting robust targets for 2030 and to provide standardized annual progress reports.
Canadian banks that left the alliance including the Royal Bank of Canada (RBC), TD, BMO, CIBC, Scotiabank, and National Bank said they have the internal capabilities to follow through on their climate commitments independently.
This report by The Canadian Press was first published Feb. 26, 2025.
