A recent report by the Institut de recherche en économie contemporaine (IRÉC), commissioned by OXFAM Québec8, shows that the carbon weight of the eight largest Canadian banks is 1.9 billion tonnes, or 2.6 times greater than the country’s GHG emissions, and that if they joined together to form a new State, it would be the fifth largest GHG emitter in the world. This report appears to be in direct contradiction to the Bank’s commitments made last year in response to our shareholder proposal to set intermediate targets and adopt a plan to achieve them. While acknowledging that the Bank is making concrete efforts to support and accelerate the climate transition, it could do better and even set an example for other companies. Two observations from the IRÉC report stand out: “First, not only have none of Canada’s major DTIs committed to withdrawing from the fossil fuel sector in the short or medium term, but they all persist in presenting themselves as participants in the energy transition and sustainable financing aimed at either decarbonizing the processes of extraction, transformation and/or use of fossil fuels or supporting diversification of the “green” asset portfolios of companies in the sector, particularly in the areas of green technologies and renewable energy. Second, even in terms of their financial commitments to the energy and environmental transition, Canadian DTIs have set their sights relatively low: For example, the total C$850 billion pledged by BMO, RBC, Scotiabank, CIBC and TD for 2020– 2030, while not inconsiderable, will ultimately represent only two-thirds of their previously committed fossil fuel assets between 2016 and 2020 alone, which were in excess of C$1.3 trillion. In addition, many of the mutual funds and exchange traded funds of the eight Canadian DTIs, including ESG or “green” funds, are still not aligned with the Paris Agreement targets, exceeding the maximum exposure to carbon sectors that would limit global warming to less than two degrees.” The Bank – which is one of the banks directly targeted in the aforementioned report, especially in recommendation #4 – has significant financial power and must shoulder equally significant responsibilities by formally implementing its commitments and adopting and publishing a concrete plan.