The CEOs of
The leaders of
"Just stop is just not an option for us," said RBC chief executive
"It's important that we do this in an orderly fashion, or we risk the entire journey. We have to protect jobs along the way," he said.
The banks all talked about their commitments to working with clients through the transition, rather than pull back on funding, along with their net zero and sustainable finance targets.
Pushed to at least stop funding fossil fuel expansion, executives maintained that it's not that straightforward.
"This is a complex transition. We are not getting off fossil-based fuels immediately," said McKay, who, as head of
Executives said they have to keep funding fossil fuels, as well as cleaner energy sources.
"We have to do both," said
"We have to support oil and gas industry, responsible oil and gas industry, as we go through this orderly transition. And at the same time, make sure we are providing the capital in the to move to a net zero world."
In a press conference ahead of the testimony, several environmental groups thanked the committee for its leadership in summoning bank executives, and called on legislators to put in regulations to force banks to take more action on climate change.
While the banks have made various commitments, they aren't moving fast enough, and haven't said how they plan to achieve those targets, said
“While each of the Canadian banks have climate commitments, none of them have a commensurate plan of action," said Segal.
"Their voluntary climate commitments have proven fickle, with them continuing to overinvest in oil and gas and underinvest in clean climate solutions."
The appearance of the bank executives comes a week after testimony at the same committee by the CEOs of
Parliamentary efforts to rein in the banking sector's indirect impact on climate are largely limited to Independent Sen.
While there's disagreement on the rules and choices needed to make the energy transition happen, there was some agreement at least on the need to move faster.
"There is anxiety in the country about making this transition, and therefore
"We have to accelerate that transition."
This report by The Canadian Press was first published
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