Bank towers are shown from Bay Street in Toronto’s financial district, on Wednesday, June 16, 2010. THE CANADIAN PRESS/Adrien Veczan
RBC and Scotiabank say they’re dropping their 2030 targets for reducing financed emissions as governments pull back on climate action and artificial intelligence drives a surge in energy demand.
In 2022, RBC set goals to reduce funded emissions for the oil and gas, power generation and automotive sectors by the end of the decade as part of working toward net-zero financed emissions by 2050.
The bank says in its sustainability report that after reviewing numerous factors including government policy, geopolitical developments and energy demand, it has concluded that its interim targets are not reasonably achievable.
RBC says it maintains its long-term ambition to reach net-zero financed emissions, but achieving that will require supportive policy and advances in technology.
Scotiabank says in its sustainability report that necessary actions on climate change haven’t evolved to the extent expected, so it’s withdrawing both its interim targets and its goal of achieving net-zero by 2050 for financed emissions.
It cites factors like the U.S. curbing major parts of the Inflation Reduction Act, Canada eliminating the consumer carbon tax and not implementing an oil and gas emissions cap, as well as rising energy demand from AI and a lack of progress on carbon capture technology for the change.
This report by The Canadian Press was first published April 16, 2026.
Companies in this story: (TSX:RY; TSX:BNS)
- 0120 2026 SK oil show attendee0120 2026 SK oil show attendee
- 0118 IBEW 30 sec0118 IBEW 30 sec
- 0119 Steffes Group System III Ltd Complete Dispersal P0119 Steffes Group System III Ltd Complete Dispersal P
- 0115 SaskPower SASPO_2817_PLT_Recruitment_DIVERSITY0115 SaskPower SASPO_2817_PLT_Recruitment_DIVERSITY
- 0114 Prospera Bold Vision0114 Prospera Bold Vision
- 0113 Miller Epic Cinematic Hollywood trailer0113 Miller Epic Cinematic Hollywood trailer
- 0085 Turnbull snow removal call office0085 Turnbull snow removal call office
- 0102 Lori Carr Coal Extended0102 Lori Carr Coal Extended
- 0100 Turnbull Project Manager0100 Turnbull Project Manager
- 0099 Mryglod Steel 1080p0099 Mryglod Steel 1080p
- 0097 Eagle Sky Ventures LTD0097 Eagle Sky Ventures LTD
- 0095 Fast Trucking nearly 70 years good at it0095 Fast Trucking nearly 70 years good at it
- 0092 Turnbull projects big and small0092 Turnbull projects big and small
- 0046 City of Estevan This is Estevan Teaser0046 City of Estevan This is Estevan Teaser
- 0077 Caprice Resources Stand Up For Free Speech0077 Caprice Resources Stand Up For Free Speech
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001