By 
National Bank of Canada has pledged to reach $20 billion in renewable energy lending commitments by 2030, reaffirming its net-zero emissions strategy—even as the United States signals a retreat from clean energy support.
According to its latest climate report, the bank’s new target accounts for amortization and loan repayments, meaning it plans to add nearly $10 billion in new renewable lending over the next six years.
Since 2019, the bank has tripled its renewable energy funding to $15 billion.
Notably, in 2023, its renewable loan portfolio exceeded its exposure to non-renewable energy.
National says this new goal reinforces its commitment to the transition and aligns with its plan to cut the emissions intensity of its power generation financing by one-third by 2030.
Donald Trump. (Credit: CREDIT: ALEX BRANDON/AP/SHUTTERSTOCK)
The move comes as the Trump administration in the U.S. works to reverse clean energy investments, delay permitting, and slow renewable development—casting uncertainty on the future of American climate policy.
The 2022 Inflation Reduction Act had previously promised hundreds of billions in green infrastructure funding.
Despite this shifting landscape, National Bank is doubling down.
In the climate report, it highlights its role in financing two major U.S. projects: a US$775 million underwriting for a wind and transmission initiative in New Mexico and a US$283 million green loan for a solar installation in New Jersey.
Renaud Gignac, senior advisor at Investors for Paris Compliance, praised the bank’s clarity and ambition.
“National surpasses most other Canadian banks in specificity, focusing on renewables rather than broad and vague ‘sustainable finance’ labels,” he said.
He also noted that National’s $20 billion goal outpaces Royal Bank of Canada (RBC)’s $15 billion renewable commitment, despite National being a smaller institution.
National Bank has not yet commented on how evolving U.S. policies might impact its target.
Comments