National Bank of Canada
Your bank is failing on climate responsibility.
National Bank continues to finance the oil and gas sector. As of the end of 2023, it had CAD $3.6 billion in outstanding loans to the industry and provided CAD $385 million in new lending.
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We rated the bank climate irresponsible even though it is among the leaders in financing renewable energy (CAD $11BN at the end of 2023) because no amount of new fossil fuel lending is compatible with the Paris Agreement. The bank’s exclusion policy applies only to new lending for thermal coal and Arctic oil and gas, which is insufficient.
Your bank may be ignoring the Paris Agreement.
The Paris Agreement set the goal to stay under 1.5°C of warming for very good reasons. According to the Intergovernmental Panel on Climate Change, an increase of just a couple of degrees more could lead to "substantial species extinction, large risks to global and regional food security", and an inability to work outside — or even live — in some areas of the world. Our world will become unrecognizable as ocean dead zones, floods, and extreme weather fuel social and economic disruption.
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