National Bank Targets $20 Billion in Renewable Energy Funding

Since 2019, National Bank has tripled its renewable energy funding to $15 billion and as of 2023 its total renewable energy funding has surpassed its funding to non-renewable energy. The bank is looking to continue their support for renewable energy by setting a $20 billion funding goal for renewable energy by 2030 as part of its net-zero emissions objective.

In their latest climate report, the bank states that this goal translates into roughly $10 billion in additional renewable energy funding. The bank also states that this goal reaffirms its support for the renewable energy sector and demonstrates their efforts in reducing the emissions of its power generation by a third.

This announcement comes at a time when climate advocates are pushing banks to make firm and clear funding commitments. “In doing so, National surpasses most other Canadian banks in specificity, focusing on renewables as opposed to vague ‘sustainable finance’ commitments.”, said Renaud Gignac, senior advisor with Investors for Paris Compliance. Specifically mentioning that the target surpasses RBC’s $15 billion funding target.

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