Canada

In 2021, RBC, CIBC and Scotiabank were all involved in sustainable finance deals with Enbridge Inc. as the company was expanding its oil export capacity, while BMO helped structure a sustainability-linked credit facility for Gibson Energy that has been increasing its oil exposure.

That same year, TD Bank served as a co-sustainability structuring agent for a $4-billion US sustainability-linked loan with Occidental Petroleum. The oil company announced in late 2023 that it was spending about $12 billion US to buy shale driller CrownRock.

Price said there should be a higher bar for what's considered sustainable financing, and that companies working to expand oil and gas production shouldn't qualify.

"It's a pretty basic question, right?"