The Big Six bank provided over US$42 billion in funding to the oil and gas sector in 2022, according to the annual Banking on Climate Chaos report. That’s up from about US$40.4 billion a year earlier. (The Logic)

Talking point: JPMorgan Chase remained the most active funder for the sector since 2016, with RBC ranking fifth. Both Scotiabank and TD cracked the top 10 for their fossil fuel financing last year, contributing US$29.5 billion and US$29 billion, respectively. Canada’s banks are facing a string of shareholder proposals this spring urging them to improve transparency and policies around climate change. Many of the issues are garnering strong support, including from Britain’s largest asset manager, Legal & General Investment Management, which said Thursday it will vote in favour of pro-environment resolutions at U.S. and Canadian banks. At RBC’s annual shareholder meeting last week, CEO Dave McKay defended the bank’s climate record and transition plan amid criticisms from attendees that the bank is not doing enough.