Despite pledges of net-zero portfolios, Canadian banks doubled their funding for Canada’s oil sands production and related projects to $16.8 billion last year, according to data from a recent report by environmental groups crunched by the Financial Times. Bank financing for 30 top oil sands production companies and six key oil sands pipeline companies increased their lending in 2021 by nearly $9 billion, according to the data, compiled by FT. Between 2016, the year after the Paris Agreement was signed, and 2021, the major Canadian banks financed…
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