Banks offer big climate commitments in 2021, but key details are yet to come

While the finance industry is increasingly talking about the importance of climate action, Canada's big banks are still major funders of the fossil fuel industry, which produces relatively cheap energy at an environmental cost that's becoming increasingly clear.

First came a string of promises one by one, starting with TD Bank late in 2020 followed by the other banks throughout 2021. In November, they all recommitted to the goal as they joined former Bank of Canada governor Mark Carney's Glasgow Financial Alliance for Net Zero.

But while the round numbers seem like a neat solution, the UN and others have emphasized that much of the heavy lifting on emission reductions needs to happen this decade, and only through details to be released in the next year or so will it start to become clear how quickly Canada's big banks are prepared to move.

Pressure is certainly mounting as Canadians live through the very real effects of climate change, and activists increasingly focus their efforts on the financing behind fossil fuel production.

Governments are also increasingly moving toward climate action, including the huge shift in direction brought by U.S. President Joe Biden, raising the spectre of regulation if the industry doesn't change fast enough.