All six of Canada’s biggest banks quit the UN-backed Net Zero Banking Alliance in January
The United Church of Canada joined 33 other asset owners this week in calling on the six biggest banks in Canada to maintain their net zero commitments. All six big banks left the UN-backed Net Zero Banking Alliance in January, following departures by the biggest U.S. banks ahead of Donald Trump’s inauguration.
The 34 leading Canadian asset owners represent about CAD $53B in assets. Their statement calls on financial institutions to maintain their climate commitments despite recent high-profile withdrawals from key climate initiatives. The statement emphasizes that financial institutions play a vital role in safeguarding clients’ long-term wealth by managing climate risks and capitalizing on the net-zero transition.
The statement asked financial partners to demonstrate three key commitments:
- Continue transitioning all operational and attributable GHG emissions from lending and investing portfolios to alignment with net-zero by 2050 or sooner.
- Continue robust, science-based target-setting for 2030, prioritizing the most GHG-intensive sectors and sectors key to the transition to a net zero real economy.
- Provide annual standardized reporting on progress against targets and transition strategies, including engagement efforts.
The devastating impacts of climate change already cause physical and financial harm for Canadians. Preventing further harm needs bold action and leadership from Canadian financial institutions now.