Canada’s largest bank said it will reduce emissions intensity from oil and gas financing between 11 and 35 per cent by 2030. It plans to reduce emissions intensity from power generation and the automotive sector by 54 per cent and 47 per cent, respectively. Emissions intensity reflects the amount of CO2 a borrower produces per unit of energy; not its overall emissions. (The Logic)

Talking point: RBC is the last big Canadian bank to submit interim targets for reaching net-zero emissions by 2050. However, the targets fall short of those laid out in the Glasgow Financial Alliance for Net Zero (GFANZ), which RBC and other major Canadian banks signed onto at COP26 last year. GFANZ calls on banks to cut absolute greenhouse gasses in their financing portfolios by 50 per cent by 2030, but RBC’s plan focuses solely on emissions intensity, leaving open the possibility that overall carbon output could actually increase. Meanwhile, Canada’s Competition Bureau is currently investigating RBC following complaints that its actions contradict its purported support for the Paris Agreement to keep global warming below 2C and that it lacks a credible climate plan.