Why did RBC and Scotiabank abandon their 2030 financed emissions targets for oil and gas lending?

RBC and Scotiabank abandoned their 2030 financed emissions targets due to a 'changing and uncertain operating environment'—including geopolitical tensions, energy-security concerns, higher interest rates, political opposition, and global energy crises. RBC stated that some interim targets were 'not reasonably achievable' and the outlook for others 'unclear,' while Scotiabank cited headwinds such as the US government curtailing 'major parts' of the Inflation Reduction Act and Canada’s failure to implement an oil and gas emissions cap, which it said are likely to 'decelerate the uptake of decarbonization activities in the North American economy'; it also pointed to surging energy demand from AI-driven data centers and slower-than-expected adoption of carbon capture technology.

What is the current status of net zero commitments among major North American banks?

No major North American banks remain signatories to the net zero alliances formed about five years ago; while most have retained their overarching 2050 net zero ambitions, they have withdrawn or revised interim targets—RBC kept its 2050 net zero ambition for its loan book but scrapped its 2030 financed emissions targets, and Scotiabank retired its 2050 net zero goal altogether—following Wells Fargo’s precedent as the first major bank to abandon its net zero goal entirely last year.

RBC, Scotiabank Scrap Emissions Targets for Oil and Gas Lending

Apr 17, 2026

Royal Bank of Canada and Scotiabank withdrew their 2030 emissions targets for oil and gas lending citing energy security and economic shifts. RBC retains its 2050 net zero ambition, while Scotiabank retired that goal entirely amid slowing decarbonization efforts.

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RBC, Scotiabank Scrap Emissions Targets for Oil and Gas Lending

RBC, Scotiabank Scrap Emissions Targets for Oil and Gas Lending

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