RBC, Scotiabank Scrap Emissions Targets for Oil and Gas Lending.

The article focuses on the decisions by Canadian banks Royal Bank of Canada (RBC) and Bank of Nova Scotia (Scotiabank) to abandon or withdraw their 2030 targets for reducing carbon emissions linked to loans for heavy emitters such as oil and gas producers. RBC will maintain its 2050 net zero emissions ambition for its loan portfolio, while Scotiabank has retired that goal entirely, citing geopolitical, economic, and policy challenges including changes to U.S. climate legislation and the absence of Canadian emissions caps. These moves reflect a broader trend among North American banks, with many retracting interim climate targets amid energy security concerns, slower adoption of decarbonization technologies, and shifting political landscapes. The article notes that no major North American banks remain signatories to the net zero alliances formed about five years ago. [Extracted from the article]