Bank CEOs to testify at parliamentary committee on climate impacts of finance

A red light on Bay Street in Canada's financial district is shown in Toronto on Wednesday, March 18, 2020. THE CANADIAN PRESS/Nathan Denette

OTTAWA -

The CEOs of Canada's five biggest banks are set to testify before a parliamentary committee later today about the impacts of the financial sector on climate and the environment.

The chief executives of Royal Bank of Canada, TD Bank Group, BMO Financial Group, Scotiabank and CIBC are all scheduled to appear by videoconference before the House of Commons standing committee on environment and sustainable development.

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Banks have faced increased scrutiny for how their lending practices contribute to climate change, as they have provided hundreds of billions of dollars in funding to oil and gas companies in recent years.

Canada's biggest banks have made both short- and long-term emissions reduction targets, including net-zero financed emissions by 2050, but face criticism for not moving fast enough.

The appearance of the bank executives comes a week after testimony at the same committee by the CEOs of Canada's biggest oil and gas producers, who face a proposed legislated cap on emissions.

Parliamentary efforts to rein in the banking sector's indirect impact on climate are largely limited to Independent Sen. Rosa Galvez's proposed Climate-Aligned Finance Act, which remains in the Senate banking committee.

This report by The Canadian Press was first published June 13, 2024.