RBC and Scotiabank both say they are abandoning previously set interim emissions reduction goals they had committed to hit by 2030, calling them no longer reasonably achievable.
Both banks previously committed in 2022 to lowering financed emissions in key sectors including electricity generation, oil and gas, and the automotive industry by 2030, as part of a broader strategy for aligning their portfolios with net-zero financed emissions by 2050.
In their latest sustainability reports, both released April 16, the two banks said a number of key factors have made it unfeasible to stick to their 2030 goals.
RBC Drops 2030 Goals, Scotiabank Drops 2030 and 2050 Commitments
For its part, RBC’s report said geopolitical uncertainty, global energy demand, and public policy trends have made the targets unrealistic, but said it is still planning to achieve net-zero financed emissions by 2050. However, the bank added the 2050 goal depends closely on the direction of government policy and technological advances….