Scotiabank and RBC have announced the withdrawal of key financed emissions reduction targets after reassessing assumptions around policy, technology, and energy demand. Scotiabank stated that expected progress in climate-related factors has not materialized, leading it to drop both its interim targets and its goal of reaching net zero financed emissions by 2050.
RBC similarly decided to retire its interim emissions targets following a review of external conditions, including regulatory frameworks and geopolitical developments. The bank said the evolving environment makes some targets not reasonably achievable, though it still maintains a long-term ambition to reach net-zero financed emissions by 2050.