Wednesday, April 16, 2025
National Bank of Canada is aiming to reach a multi-billion-dollar target in renewable energy lending commitments by 2030 as part of its net-zero emissions push, despite the U.S. government’s efforts to dismantle supports for the sector. and a sustainable finance market impacted by a lack of clarity.
On March 6, the bank announced a specific target of $20 billion in renewable energy lending by 2030 – an ambitious commitment that surpasses the $5 billion commitment from the Royal Bank of Canada.
National Bank released of several sustainability reports which cover the year 2024:
Sustainability Report – The Sustainability Report provides an overview of the commitments the Bank and its main subsidiaries made to various stakeholders in 2024. It presents the bank’s achievements, initiatives and approaches as well as its environmental, social and governance (ESG) advances. This year’s report also sets out the initiatives and indicators in terms of inclusion, diversity and equity, which were previously published in a separate booklet.
Climate Report – National Bank is determined to achieve its ambitious objectives in the fight against climate change. The Bank’s Climate Report underscores the bank’s approach, its advances and its commitment to supporting clients in their own decarbonization efforts. In line with its ambitions, the bank has established a new objective that aims to increase its financing for the renewable energy sector to a total of $20 billion by 2030.
Report on Responsible Investment Advances of National Bank Investments (NBI) – This report presents NBI’s responsible investment advances in 2024. The bank is committed to maintaining attentive service tailored to clients’ needs so it can find solutions that support their transition to a sustainable economy while helping them achieve their financial goals.
Laurent Ferreira, president and chief executive officer of National Bank, issued the following statement in the bank’s 2024 Sustainability Report:
“Supporting a sustainable economy Canada’s competitive advantages in the energy, natural resources, and manufacturing sectors will be key factors in achieving energy independence and security, creating wealth and ensuring the economic strength of future generations. That’s why the Bank is taking steps to support its clients and partners in the transition towards a low-carbon economy.
We are determined to achieve our ambitious objectives in the fight against climate change. We are adopting a pragmatic approach that focuses on supporting businesses in all sectors to promote innovation, decarbonization strategies and a responsible transition aligned with Canada’s long-term economic vitality. As such, we remain committed to our goal of achieving net-zero by 2050.
One key achievement that I’m especially proud of this year was the inauguration of National Bank Place, our new head office in the heart of Montreal’s business district. This building is a great example of innovation and sustainability and represents the largest commercial real estate project in Montreal in the past 30 years.”
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Featured image credit: Getty Images
