The Toronto Climate Observatory put out a new report on October 8 revealing Toronto financial giants invested $1.43 trillion in fossil fuel companies.
The Observatory’s Bay Street Climate Report estimates this sector, then, as the fifth biggest climate polluter in the world, behind only India, China, Russia and the United States.
The funds were allocated to expand oil and gas projects globally, resulting in over a billion tonnes of greenhouse gas emissions, the report says.
Met Radio spoke to Alex Walker, Climate Finance Program Manager at the Environmental Defence, who advised on this report.
The Canadian Bankers Association responded to this report with a media statement.
“Banks collaborate with leading organizations in Canada and internationally in an effort to accelerate clean economic growth, working alongside industry sectors, governments, and civil society. This joint effort is critical as we aim to reshape our economies and societies to achieve the goals of a lower-carbon future.”
