Canadian Banks Going Green Still Boost Loans to the Oil Industry
- Firms’ energy lending has increased 59% in five years
- Fossil-based fuels ‘not going away overnight,’ RBC’s CEO says
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Canada’s big banks may be embracing green, but that hasn’t stopped them from lending more and more money to fossil-fuel companies.
The six largest lenders had C$58.8 billion ($44.2 billion) in energy loans on their books at the end of the fiscal year, a 59% jump from five years ago, even after touting billions of dollars in climate-friendly commitments. There’s little sign of that trend abating even as oil and gas companies face increasing scrutiny over the the roles they play in climate change.