Canada’s financial institutions are falling short when it comes to the investment levels in renewables needed to reach net zero emissions, according to a new report.
Between 2016 and 2024, only three of the country’s largest banks, insurance providers, investment firms and pension boards hit a 2030 International Energy Agency target of having renewable energy account for 71% of power-sector financing and investment, according to the report released Wednesday by Investors for Paris Compliance. The IEA target is part of a broader pathway to limit global warming to 1.5C per the 2015 Paris Agreement, and to reach net zero by 2050.