RBC, Scotiabank Scrap Emissions Targets for Oil and Gas Lending

Royal Bank of Canada and Bank of Nova Scotia have abandoned plans to reduce the carbon footprint associated with loans to heavy emitters such as oil and gas producers.

The Canadian banks, announcing their decisions in separate statements on Thursday, said they are withdrawing their 2030 financed emissions targets. Both cited the geopolitical and energy-security context. RBC said it will retain its 2050 ambition to achieve net zero emissions via its loan book, while Scotiabank said it had retired that goal altogether.