Fast Facts

  • Environmental sustainability is a key part of banks’ social responsibility efforts.
  • Banks have established environmental policies, goals and practices that help guide their activities inside and out.
  • Visit to learn more.

The bottom line

Canada’s banks recognize the urgency of addressing climate change and understand that the financial sector is central to securing the transition to a low-carbon economy, mitigating the impacts of humans on the environment and ensuring the continued resilience of our country’s financial system.

Banks also understand that firm commitments are required to accelerate clean economic growth in Canada and to meet the ambitious goal of a net-zero economy by 2050 set by the Paris Agreement on climate change.

To that end, banks in Canada have pledged to implement climate action plans that set specific targets to meet the demands of this global challenge:

  • Financial commitments in the hundreds of billions in support of environmental and sustainable finance activities
  • Enhanced focus on financing and investing in lower-carbon businesses, and working with existing business customers in higher-carbon sectors to finance their transition efforts
  • Several banks are working on implementing the climate-related disclosures developed by the Task Force on Climate-Related Financial Disclosures
  • Bank-led programs and strategies to limit the carbon footprint of their own operations through concrete actions aimed at reducing greenhouse gas emissions
  • Issuance of green bonds to help finance new and existing green projects, assets and businesses that mitigate the risks and effects of climate change
  • New metrics are being developed to link environmental, social and governance (ESG) factors to bank group performance and executive pay
  • Six of Canada’s largest banks have joined the Net‑Zero Banking Alliance (NZBA), a global initiative of banks worldwide committed to aligning their lending and investment portfolios with net-zero emissions by 2050.
  • Several banks have also joined RMI’s Centre for Climate-Aligned Finance and the Partnership for Carbon Accounting Financials, a global partnership of financial institutions
  • Financial support to the Institute for Sustainable Finance to help give momentum to their activities

Visit banks' environment websites for more information:

Bank announcements


bmo logo

January 24, 2024
BMO Partners with Canada Infrastructure Bank to Help Canadian Clients Finance Energy Retrofits in a Sustainable Finance First


September 19, 2023
BMO and Tree Canada give urban tree cover a boost in cities across Canada on National Tree Day

May 10, 2023
BMO Named to UN-Convened Group Providing Guidance to Global Banks on Nature Target Setting

April 19, 2023
BMO Launches Greener Future Financing Program for Agriculture Businesses

December 7, 2022
BMO Climate Institute Survey Shows Costs and Competing Priorities Slowing Climate Action for Small and Mid-Sized Businesses

November 22, 2022
BMO the Top Ranked Financial Institution on New Global Sustainability Benchmark Announced at COP 27

October 26, 2022
BMO to invest in innovative carbon offsets from CarbonCure to permanently store CO2

July 20, 2022
BMO to Acquire Calgary-based Radicle Group Inc., a Leader in Environmental Services

May 2, 2022
BMO and EDC Announce Collaboration to Introduce Sustainable Finance Solutions for Canadian Businesses

March 28, 2022
BMO supports launch of Export Development Canada's new Sustainable Bond Framework

March 23, 2022
BMO proud to support first Government of Canada Green Bond transaction as joint-lead manager

February 17, 2022
BMO Works with Leading Containership Leasing Company Seaspan Corporation to Align Financing to Decarbonization Goals

January 30, 2022
BMO announces plan to partner with Breakthrough Energy Catalyst to accelerate climate innovation

December 2, 2021
BMO Helps Boralex Go Beyond Renewable Energy, with the Transition of its Credit Facility to a Sustainability-Linked Loan

November 24, 2021
BMO First Bank to Pre-Purchase Direct Air Capture Carbon Removals using Carbon Engineering technology

October 19, 2021
BMO Helps Teck Resources Advance ESG Goals with Sustainability-Linked Loan

October 15, 2021
Six of Canada's Largest Banks Join United-Nations-convened Net-Zero Banking Alliance

June 2, 2021
BMO Establishes New, Innovative Energy Transition Group

March 10, 2021
BMO declares climate ambition

January 29, 2021
BMO Financial Group joins the Partnership for Carbon Accounting Financials

December 16, 2020
BMO Financial Group Recognized by CDP for Best Practice in Climate Change

February 6, 2020
BMO Financial Group Recognized by CDP for Action and Transparency on Environmental Sustainability

cibc logo

March 12, 2024
CIBC releases 2023 ESG disclosures updating its progress toward a more sustainable future


November 22, 2023
Government of Canada selects CIBC for updated Green Bond Framework

March 30, 2023
CIBC releases 2022 Climate Report

March 10, 2023
CIBC collaborates with EDC to expand sustainable finance solutions for Canadian businesses

September 29, 2022
CIBC net-zero ambition further supported by establishing 2030 target for emissions reduction from its power generation portfolio

June 28, 2022
CIBC releases TCFD report highlighting key climate-related disclosures

April 20, 2022
CIBC named one of Canada's Greenest Employers

March 31, 2022
CIBC net-zero ambition supported by establishing 2030 targets for emissions reduction from its oil and gas portfolio

February 15, 2022
UBS, Standard Chartered, and BNP Paribas join banks developing new voluntary carbon market settlement platform

December 20, 2021
CIBC commits $100 million to climate tech and energy transition funds to accelerate climate action

December 16, 2021
CIBC Recognized by CDP for Actions on Climate Change

October 15, 2021
Six of Canada's Largest Banks Join United-Nations-convened Net-Zero Banking Alliance

October 4, 2021
CIBC introduces new Sustainability Issuance Framework

September 28, 2021
New global carbon credits platform completes first pilot trade

August 26, 2021
CIBC declares Net Zero ambition by 2050, increases sustainable finance target

July 7, 2021
CIBC, Itaú, NAB and NatWest Group launch carbon offset platform to drive transparency in Voluntary Carbon Market

July 5, 2021
CIBC Asset Management bolsters ESG offering with launch of Sustainable Investment Solutions

February 24, 2021
CIBC joins Partnership for Carbon Accounting Financials

December 14, 2020
CIBC ranked among the top-tier of global banks for climate change actions by CDP

March 6, 2020
CIBC issues inaugural Green Bond Framework

January 27, 2020
CIBC recognized by Carbon Disclosure Project for Actions on Climate Change

September 24, 2019
CIBC announces $150 billion in Environmental and Sustainable financing by 2027

April 9, 2018
CIBC announces its support for the Task Force on Climate-related Financial Disclosures

Laurentian logo

March 7, 2024
Laurentian Bank Releases its 2023 ESG Report

National Bank logo

November 8, 2022
Quo Vadis Capital Announces a Net-Zero Transition Loan for the Comprehensive Revitalization of Complexe du Canal Lachine

rbc logo

March 6, 2024
New actions from RBC to support client decarbonization efforts and the transition to a greener economy


February 6, 2024
RBC Climate Action Institute Releases Inaugural Climate Action Report

April 3, 2023
The RBC Climate Action Institute created to share ideas and inspire action for Canada's net-zero journey

March 6, 2023
RBC publishes 2022 Environmental, Social and Governance (ESG) Performance Report and Climate Report

November 15, 2022
RBC expands sustainable finance product suite for businesses

October 26, 2022
RBC releases 2030 interim emissions reduction targets in line with climate strategy

July 6, 2022
Innovative climate solutions are the focus of this year's RBC Tech for Nature 2022 funding partnerships

March 28, 2022
RBC Capital Markets highlights recent public sector sustainable financing support, progress against ESG goals

March 14, 2022
RBC Global Asset Management releases its 2021 Task Force on Climate-related Financial Disclosures report

March 9, 2022
RBC signs second long-term renewable energy Power Purchase Agreement

March 2, 2022
RBC publishes 2021 Environmental, Social and Governance (ESG) Performance Report, Task Force on Climate-related Financial Disclosures (TCFD) Report, and Diversity & Inclusion (D&I) Report

January 12, 2022
Risk Management Association, Top U.S. and Canadian Banks Form Consortium to Tackle Climate Risk

October 20, 2021
On the Path to Net-Zero, Canada's Opportunity to Lead in a Global Transition to a Low-Carbon Economy is Now

October 15, 2021
Six of Canada's Largest Banks Join United-Nations-convened Net-Zero Banking Alliance

July 15, 2021
Royal Bank of Canada partners with diverse-owned broker dealers on US$750 million Green Bond

April 20, 2021
RBC Tech for Nature announces new partnerships focused on tackling climate change

April 19, 2021
RBC Global Asset Management releases its first Task Force on Climate-related Financial Disclosures report

April 6, 2021
RBC releases 2020 Environmental, Social and Governance (ESG) Performance Report, Task Force on Climate-related Financial Disclosures (TCFD) Report, and Green Bond Report

February 25, 2021
RBC announces progress on its climate strategy including new sustainable finance target of $500 billion by 2025

November 26, 2020
RBC Joins Canada’s Leading Financial Institutions in Committing $5 Million to Institute for Sustainable Finance

July 29, 2020
RBC Tech for Nature announces global environmental commitment and key partnerships

July 28, 2020
RBC becomes first Canadian bank to sign long-term renewable energy Power Purchase Agreement

March 4, 2020
RBC releases 2019 Environmental, Social and Governance (ESG) Performance Report, Task Force on Climate-related Financial Disclosures (TCFD) Report and Public Accountability Statement (PAS)

October 9, 2019
Borealis AI supports AI research on climate change in a new collaboration with Mila Quebec Artificial Intelligence Institute

April 24, 2019
Royal Bank of Canada issues inaugural Green Bond

July 17, 2018
New methodologies to help banking industry assess physical risk and opportunities of climate change published today

scotiabank logo

March 14, 2024
Scotiabank releases 2023 Environmental, Social and Governance (ESG) Report and Climate Report


November 7, 2023
Scotiabank Announces 2023 Net-Zero Research Fund Winners

June 29, 2023
Scotiabank named Best Bank in Canada for Sustainable Finance

April 19, 2023
Scotiabank's Net-Zero Research Fund Announces 2023 Call for Submissions in Celebration of Earth Day

March 10, 2023
Scotiabank releases its 2022 ESG Report, highlighting efforts to advance sustainability and ESG performance

October 20, 2022
Scotiabank Announces 2022 Net-Zero Research Fund Winners to Advance Low-Carbon Transition

September 15, 2022
Scotiabank Partners with Lightspark to Support Rollout of Comprehensive Digital Home Energy Label to Help Reduce Carbon Emissions

June 2, 2022
Scotiabank's Net-Zero Research Fund Now Accepting Applications in Celebration of World Environment Day

March 15, 2022
Scotiabank releases its annual ESG Report and companion inaugural Net‑Zero Pathways Report

February 9, 2022
Scotiabank and Evolugen announce 15-year renewable energy Power Purchase Agreement

November 4, 2021
Scotiabank Grows Net Zero Research Fund to $10 Million

October 15, 2021
Six of Canada's Largest Banks Join United-Nations-convened Net-Zero Banking Alliance

June 4, 2021
Scotiabank's Net Zero Research Fund Now Accepting Applications in Celebration of World Environment Day

April 1, 2021
Scotiabank releases its 2020 Environment, Social and Governance (ESG) Report highlighting progress in Diversity and Inclusion, Climate and Sustainable Finance

February 8, 2021
Scotiabank launches Net Zero Research Fund to boost transition to a low-carbon economy

November 20, 2020
Scotia Global Asset Management launches suite of Scotia Low Carbon Funds, announces other ScotiaFunds name changes

July 15, 2020
Scotiabank publishes Green Bond Report

April 9, 2020
Scotiabank releases its 2019 Environment, Social and Governance report

January 24, 2020
Scotiabank, a leading bank in the Americas, recognized by CDP for its climate change efforts

November 14, 2019
Scotiabank to mobilize $100 billion by 2025 to support the transition to a lower-carbon and more resilient economy

July 19, 2019
Scotiabank Boosting Sustainability Commitment with Closing of Inaugural Green Bond Offering

February 5, 2018
Scotiabank proudly supports the Task Force on Climate-related Financial Disclosure

td bank logo

March 14, 2024
TD outlines continued progress on sustainability goals in 2023 Sustainability Reporting Suite


March 16, 2023
TD announces new interim financed emissions targets and TD Pathways to Economic Inclusion as part of its continued efforts to advance a sustainable and inclusive future

March 16, 2023
TD Bank Group sets new $500 billion Sustainable & Decarbonization Finance Target by 2030

February 28, 2023
The 2022 TD Ready Challenge awards $10 million to 10 Canadian and American organizations focused on addressing the challenges of climate change

August 30, 2022
TD Asset Management launches new ETF focused on the growing global carbon credit market

June 30, 2022
TD launches the 5th TD Ready Challenge focused on equity-based solutions for climate change

March 23, 2022
TD Securities Co-Structures First-Ever Green Bond Issuance for Government of Canada

March 9, 2022
TD sets 2030 interim financed emissions targets for high-emitting sectors: Energy and Power Generation

January 26, 2022
TD helps build future innovation in Cleantech, Healthtech, and ESG through new patent funding

October 15, 2021
Six of Canada's Largest Banks Join United-Nations-convened Net-Zero Banking Alliance

June 23, 2021
TD Asset Management Inc. (TDAM) Announces Support for the Task Force on Climate-related Financial Disclosures

February 24, 2021
TD Bank Group Joins RMI as a Strategic Partner of the Center for Climate-Aligned Finance

November 9, 2020
TD Commits to Ambitious Climate Action Plan and Targets Net-Zero Emissions by 2050

October 14, 2020
TD Greystone Infrastructure Fund Invested in Canada's Largest Battery Energy Storage System

September 28, 2020
TD Bank Group Issues First-Ever Sustainability Bond to Support Environmental and Social Initiatives

October 30, 2019
TD helps patent next generation of low carbon technologies

April 9, 2019
TD Insurance creates Advisory Board on Climate Change

December 21, 2018
TD Bank Group Advances the Transition to Low-Carbon Economy, Reaching CAD $22 Billion in First Year

October 8, 2018
Canada's Low-Carbon Innovators Get Boost From TD

Banks in Canada Committed to a Net‑Zero Economy by 2050 banks,environment

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