22:18:14 EDT Thu 16 May 2024
Enter Symbol
or Name
USA
CA



National Bank of Canada
Symbol NA
Shares Issued 338,269,824
Close 2023-12-15 C$ 98.60
Market Cap C$ 33,353,404,646
Recent Sedar Documents

Post/CP say National Bank first in green-energy backing

2023-12-18 09:19 ET - In the News

Also In the News (C-BMO) Bank of Montreal
Also In the News (C-BNS) Bank of Nova Scotia
Also In the News (C-CM) Canadian Imperial Bank of Commerce (CIBC)
Also In the News (C-RY) Royal Bank of Canada
Also In the News (C-TD) Toronto-Dominion Bank

The Financial Post reports in its Saturday edition that Canada's top five banks are among the biggest energy backers in the world, but they rank poorly when measured on how much of that financing is directed to low-carbon sources. A Canadian Press dispatch to the Post says that in 2022 banks globally directed 73 cents toward low-carbon energy for every dollar supporting fossil fuels, or a 0.73-to-one ratio. That is well off the four-to-one ratio the report notes they need to hit this decade to limit global warming to 1.5 C. Canada's biggest banks ranged in ratios of between 0.45 to one for Bank of Montreal's $18.9-billion in energy funding, enough to place it 88th in the ranking, down to 0.32 to one for Bank of Nova Scotia's $35.9-billion in financing, which pushed it below the top 100. In between, CIBC had a 0.41 to one ratio for its $17.9-billion in financing, RBC had a 0.37 to one ratio for its $42.7-billion, and TD Bank had a 0.35 to one ratio for its $30.2-billion in financing, putting it at the bottom of the list of 100 banks. National Bank was a notable outlier, coming in at $1.10 in low-carbon financing for every dollar put toward fossil fuels in its $14.9-billion in financing, enough to rank 52nd globally.

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