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‘Any delay means risk’: Senator looks to speed up banks’ net-zero journey

Corporate Knights

In the pursuit of its net-zero 2050 goal, Canada needs a rigorous strategy to require banks and other key financial system players, including Crown corporations, to fully align their operations with the country’s international climate commitments. Matt Price, co-founder of Investors for Paris Compliance.

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Despite net-zero pledges, banks used $750 billion to finance fossil fuels in 2020

GreenBiz

Despite net-zero pledges, banks used $750 billion to finance fossil fuels in 2020. Net-zero commitments may have ricocheted across banking sector over the last 18 months, but big banks' attestations of climate concern did not stop many from expanding financing for the world's top fossil fuel firms during the pandemic year.

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HSBC is latest bank to pledge net-zero financed emissions by mid-century

GreenBiz

HSBC is latest bank to pledge net-zero financed emissions by mid-century. HSBC has become the latest bank to commit to achieving net-zero financed emissions, announcing Monday that it intends to align its portfolio of investments and debt financing with global climate targets by mid-century. Cecilia Keating. Tue, 10/13/2020 - 00:46.

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RBC Adds “Decarbonization Finance” Category for Hard-to-Abate Sectors to Sustainable Finance Framework

ESG Today

The bank introduced criteria for activities to be eligible under the new category, including the activity being an eligible decarbonization activity and the client having a sufficiently robust transition plan. C aligned emissions reduction targets, as some sectors do not yet have a clear path to achieving those goals. ”

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ArcTern Raises $335 Million for Decarbonization Tech Venture Fund

ESG Today

Canada-based cleantech-focused VC investor ArcTern Ventures, announced today that it has raised $335 million in commitments for its global decarbonization venture fund, ArcTern Fund III. Flagship limited partners investing in the fund include TD Bank Group, Allianz, Church Pension Group, OPTrust, and Credit Suisse Asset Management.

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Mizuho Pledges to Provide $13 Billion Financing to Develop Hydrogen Supply Chain

ESG Today

Tokyo-based banking and financial services company Mizuho Financial Group announced today a new goal to provide JPY 2 trillion (USD$13 billion) in financing for the production and supply of hydrogen and related technologies by 2030.

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Ontario pension funds are starting to understand there’s no retirement security on a dead planet

Corporate Knights

At the same time, they’ve started asking themselves how they can profitably invest in climate solutions and decarbonization so that their investments are making the future better, not worse, for their members. Their goal is laudable and essential: climate safety depends on real-world decarbonization.