Why Canadian banks can’t seem to shake their fossil fuel habit 5 years after global climate accord


Canadian banks have a serious fossil fuel addiction. But it is not just a Canadian problem. The latest study of corporate data from 60 of the world’s largest banks shows that rather than cutting back on the funding of fossil fuel projects since the 2016 global agreement to limit greenhouse gases, they have increased that funding to $3.8 trillion US in the past five years. The report outlining the data, titled Banking on Climate Chaos 2021, is the 12th annual tally of fossil fuel financing by a group of seven climate advocacy organizations, including Rainforest Action Network and the Sierra Club, both based in the United States. The good news for those concerned about climate change is that a crash in the fossil fuel business during the COVID-19 pandemic led to a sharp drop in investment growth in 2020, but the report’s authors fear that a growing recovery this year will lead to a “snap back to business as usual.”

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