‘Canada really sticks out:’ Studies show banks not so green on climate change
International analyses suggest Canadian financiers are oiling the wheels of the fossil fuel industry at a far greater rate than their peers.
Bankers say they’ve made big strides in addressing climate change concerns and promise to reveal how dependent on carbon their portfolios are. They add the nature of Canada’s resource-driven economy makes large investments in oil and gas all but inevitable.
But critics say not much is changing.
“There’s no significant decrease in financing,” said Olaf Weber of the University of Waterloo’s School of Environment, Enterprise and Development.