Top bank executives advocate for gradual energy transition [Wealth Professional (Canada)]
Toronto Dominion Bank (The) (TD)
Last toronto dominion bank (the) earnings: 2/27 06:30 am
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Source: Wealth Professional
The top bosses of Canada's five largest banks affirmed their commitment to aiding the energy transition during a parliamentary committee hearing on Thursday. This came in response to scrutiny over their substantial funding of the oil and gas sector, exceeding $100 billion annually. Royal Bank of Canada (RBC) CEO Dave McKay, appearing via video conference with the other bank leaders before the House of Commons Standing Committee on Environment and Sustainable Development, stated that an abrupt halt in funding is not a viable option. He stressed the importance of a methodical approach to protect jobs and maintain stability throughout the transition. “Just stop is just not an option for us,” McKay stressed. “It's important that we do this in an orderly fashion, or we risk the entire journey. We have to protect jobs along the way.” Transition to a net-zero portfolio Executives from RBC, TD Bank Group, BMO Financial Group, Scotiabank, and CIBC highlighted their dedication to assis
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