In early 2025, some of Canada’s largest banks — including those with the highest digital emissions and greatest responsibility — withdrew from the Net Zero Asset Managers Initiative.
These major institutions, with digital carbon footprints that are disproportionately large, cited regulatory complexity and competitive pressures for their departure. This move has intensified questions from investors, policymakers and the public about their commitment to sustainability.
At the same time, Bill C-59, adopted in late 2024, introduced new provisions under the Competition Act to strengthen accountability for greenwashing and misleading environmental claims.
