Dave McKay said the federal government hasn’t budgeted enough money to help the private sector reduce carbon emissions to meet climate targets. McKay added that CEOs also need to be more ambitious. “The piece that’s missing is a public-private partnership,” he told the Toronto Star’s editorial board. (Toronto Star)

Talking point: The CEO of Canada’s largest bank, McKay said Ottawa ought to raise its climate and infrastructure support to levels comparable to the U.S., referring to Washington’s US$369-billion commitment to fight climate change through its Inflation Reduction Act. Ottawa, for its part, has pledged $15 billion to incentivize private-sector investment in emissions reduction, economic diversification and supply-chain projects. McKay said the budget should be closer to $150 billion. RBC and other Canadian banks are under pressure from environmental and Indigenous groups to make good on climate commitments and end support for oil and gas projects. McKay said the bank will publish new climate targets within a few weeks, but its plans don’t include divesting from fossil fuels.