Big Six Canadian Banks Join Net-Zero Banking Alliance

Oct 18, 2021 By MarketDepth

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The “Big Six” Canadian banks announced that they will be joining the global Net-Zero Banking Alliance on Friday. Championed by former Bank of Canada governor Mark Carney, the commitment comes ahead of the U.N. climate summit in Glasgow, which is set to begin at the end of the month.

Canadian Banks

The Big Six is made up of major Canadian banks including BMO, CIBC, National Bank of Canada, RBC, Scotiabank, and TD Bank.

Net-Zero Emissions by 2050

The signatory banks have thus committed to align their lending and investment portfolios with net-zero emissions by 2050, and have set intermediate reduction targets for 2030 or sooner. “A transformation of the financial system to ensure a prosperous and just transition to net-zero is needed,” said Mark Carney, the U.N. Special Envoy, and Chair of the Glasgow Financial Alliance for Net Zero. “Canadian banks, by joining NZBA and GFANZ, are bringing their deep expertise and strong balance sheets to drive solutions for the sustainable economy that Canada and the world needs.”