The National Bank of Canada is pressing ahead with lending for renewable energy projects as part of efforts to reach net-zero targets.

Investment Executive reported on the bank’s commitment, which will see CA$20 billion allocated by 2030. 

The publication observed that this announcement comes at a time when United States President Donald Trump has indicated an intention to repeal clean energy programs and slow the transition to pollution-free energy.

The National Bank of Canada has previously been involved in renewable energy projects on the other side of the border, including providing $775 million toward an $8.8 billion wind project and transmission line in New Mexico, as well as approving a $283 million loan for a solar energy project in New Jersey. 

According to Investment Executive, the bank is attempting to reduce the emissions intensity of its power generation portfolio by a third before 2030. 

“National Bank is determined to achieve its ambitious objectives in the fight against climate change,” the bank said in a statement. “The Bank’s Climate Report underscores the Bank’s pragmatic approach, its advances, and its commitment to supporting clients in their own decarbonization efforts.”

It’s a positive move for the health of our planet. When companies, corporations, and organizations throw their weight behind important projects that help to reduce the production of planet-warming pollution, supporting them with our business can make it clear that there is money to be made from environmentally friendly initiatives. 

While National Bank’s commitment is welcome, it did withdraw from the United Nations’ Net-Zero Banking Alliance in January, with analysts linking this to the political shift in the U.S. 

Reuters reported National Bank was one of six Canadian institutions to exit the coalition, with each making separate statements outlining intentions to bring climate strategies in-house. 

Of course, this makes “greenwashing” — or the promotion of climate-positive initiatives and ambitions while doing the exact opposite — a lingering possibility. That’s why sustainability-minded banking customers will need to keep an eye on National Bank’s progress in the coming months and years.

TCD Picks » Quince Spotlight

💡These best-sellers from Quince deliver affordable, sustainable luxury for all

This popular cashmere sweater just got an upgrade

Starting at $50

Sleep serenely on these luxury sheets at 50% off retail

Starting at $99

You’ll love the pockets on this European linen dress

Starting at $60

This cotton blazer’s price is even smarter than its look

Starting at $80

Join our free newsletter for good news and useful tips, and don’t miss this cool list of easy ways to help yourself while helping the planet.

Cool Picks

How the Expedia of solar panels helps homeowners save money and avoid a common trap: ‘Giving you confidence in the systems’

This startup has a secret weapon that could save you thousands for your kitchen: ‘Gives you that magic … without having to upgrade your whole home’s [system]’

This startup could save you thousands with the first ‘intelligent’ hot water heater of its kind: ‘You can get up to 500% efficiency’

This simple bag lets you earn rewards by recycling your old stuff — here’s how it works and where to get one