Toronto Financial Sector Faces Scrutiny Over Emissions Reporting

A new report reveals significant under-reporting of financed emissions by major financial institutions in Toronto, urging increased accountability.

The Toronto Climate Observatory report highlights that 18 major financial institutions in Toronto directed $1.43 trillion towards fossil fuel companies in 2022.
The reported financed emissions amount to 1.44 billion tonnes of CO2, double Canada's total emissions for the same year.
Many financial institutions have pledged to reach net-zero emissions by 2050, but inconsistencies in reporting reveal emissions up to twenty times higher than disclosed.
The report criticizes banks for only accounting for emissions from lending activities, neglecting those from investments.
Lead author Robert Soden emphasizes the need for Toronto to play a more active role in addressing the global climate crisis by improving emissions accountability.