TORONTO, March 19, 2026— Shareholders are welcoming new commitments from National Bank of Canada and CIBC to improve transparency around energy transition financing, while continuing to encourage the country’s largest banks to clearly disclose how capital is being allocated between clean energy and fossil fuels.
At the centre of this engagement are Energy Supply Finance Ratios (ratios), a metric that compares bank financing for low‑carbon energy with financing for fossil fuel activities. Investors increasingly rely on these ratios to assess climate‑related financial risks, transition exposure and whether banks’ lending practices align with their stated climate commitments.
Recent developments underscore both progress and persistent gaps in disclosure across Canada’s banking sector.
CIBC (TSX: CM) published a ratio methodology this week acknowledging the importance of the ratio to shareholders, citing the support of 37.1 per cent of CIBC shareholders at their 2025 Annual General Meeting who voted to have the bank disclose the ratio.
National Bank of Canada (TSX: NA) recently committed to publish a ratio methodology aligned with global guidance from the Institute of International Finance, following a shareholder proposal that was filed and subsequently withdrawn by SHARE. The bank has said the ratio methodology will be disclosed beginning with its 2027 reporting and overseen through structured governance via its ESG Committee.
This commitment follows Scotiabank’s (TSX: BNS) announcement last year that it would publish its ratio this spring. SHARE has met with the bank several times and this commitment remains on track.
Royal Bank of Canada (TSX: RY) previously committed to reporting its ratio in 2025 but despite having had a methodology for over a year and ongoing engagement from investors has yet to publish the ratio or provide a clear timeline for disclosure. SHARE has remained in consistent dialogue with RBC since the commitment was made, encouraging the bank to follow through with transparent reporting of the ratio.
Other major Canadian banks — including Toronto‑Dominion Bank (TSX: TD) and Bank of Montreal (TSX: BMO) — have yet to provide comparable disclosures, though both have acknowledged shareholder interest in the ratio citing record breaking vote results on shareholder proposals requesting publication of the ratio.
Transparency is particularly critical given that Canadian banks remain among the most exposed financers of fossil fuel operations data is needed to assess the diversity of energy financing. Shareholders note that while the publication of methodologies is becoming more common from banks, methodologies alone are not sufficient.
“Energy Supply Finance Ratios give investors a clear, comparable way to understand how banks are actually deploying finance between relative energy investments and to track trends,” said Amanda Carr, Associate Director of Climate Advocacy at SHARE.
“Without transparent ratios, it’s nearly impossible to evaluate whether financial institutions are positioning themselves, and the broader economy, for a successful energy transition. Knowing that bank executives have access to these ratios internally is a strong first step, but it also means investors do not need to be left in dark.”
For more information or to arrange an interview, contact Amanda Panacci, Account Director at Media Profile amanda.panacci@mediaprofile.com.
