The CEOs of Canada's five biggest banks stuck to the message that they're committed to help in the energy transition as they were questioned by a parliamentary committee Thursday about their impacts on climate change.
"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," he said. "This is a complex transition. We are not getting off fossil-based fuels immediately," said McKay, who, as head of Canada's largest bank and largest oil and gas funder, was asked the most questions."We have to do both," said TD Bank Group chief executive Bharat Masrani.
While the banks have made various commitments, they aren't moving fast enough, and haven't said how they plan to achieve those targets, said Julie Segal, senior manager of climate finance at Environmental Defence. The appearance of the bank executives comes a week after testimony at the same committee by the CEOs of Canada's biggest oil and gas producers, which face a proposed legislated cap on emissions.
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