Oxfam Canada pegs bank-financed emissions at 1.9B tonnes in 2020
BNN Bloomberg
A study by Oxfam Canada estimates the emissions financed in 2020 by eight of Canada's largest financial institutions totalled around 1.9 billion tonnes.
Oxfam Canada, which produced the report in collaboration with non-profit research group l'Institut de recherche en économie contemporaine, says the total is more than double the total carbon footprint of Canada as a whole.
The report builds on studies such as the Banking on Climate Chaos report, which have highlighted the dollar figures banks have directed towards fossil fuel funding that run into the hundreds of billions.
Institutions covered in the Oxfam Canada report include TD, RBC, Scotiabank, BMO, CIBC, National Bank, Desjardins and Laurentian Bank, with TD topping the list by funding the equivalent of 446 million tonnes of carbon dioxide followed by RBC at 369 million tonnes.
