Some recent data on international lending of financial institutions to the fossil fuel sector shows that funds lent have increased significantly over the past year. This is despite the “net zero” dictate that Prime Minister Mark Carney and his globalist friends have attempted to impose on international banks through organizations like GFANZ (Glasgow Financial Alliance for Net Zero) and the NZBA (Net Zero Banking Alliance) to cut off the oil and gas sector.
In 2024, the world’s largest banks increased their overall financing for the oil and gas sector by about 20 per cent, which was the first increase since 2021. The 16th Annual Banking on Climate Chaos report showed that the leading 65 banks globally increased their funding of fossil fuel businesses by $162 billion from 2023. Most of this added financing came in the form of loans and bonds, although all forms of funding saw increases. Overall fossil fuel funding hit $869 billion in 2024 by the leading banks. JP Morgan Chase remained the largest individual funder of the oil and gas sector in 2024. The four banks with the largest increase in funding to this sector in 2024 were JP Morgan Chase, Citigroup, Barclays and Bank of America. Banks in the U.S. represented about one-third of total global financing of fossil fuel companies during the year.
There is no doubt that the election of U.S. President Donald Trump had a major impact on financial markets and their adherence to net zero goals. But even prior to Trump’s election, financial institutions had already been moving away from these arbitrary objectives as investments in alternate energy sources, electric vehicles (EVs) and other so-called “climate friendly” initiatives proved to be money-losers, unreliable energy sources, overly expensive and rejected by consumers. Trump’s cancellation of many of the subsidies and other preferential treatments of these products was just another nail in the coffin. At present, all leading U.S. banks and four of Canada’s largest banks have quite the NZBA.
In Canada, however, Carney and many of his acolytes seem to continue to pretend the net zero goal can be achieved. A recent indicator of this was that the Liberal government claims to still support the objective of imposing a mandate that all new vehicle sales must be EVs by 2035. Although this goal might seem so far away to most Canadians as to be irrelevant, this policy starts to pinch in 2026, when supposedly at least 20 per cent of all new vehicle sales must be EVs, rising to 60 per cent by 2030 and 100 per cent by 2035. This kind of forcing consumers to purchase something they would not otherwise want is what happens in communist countries, not so-called democracies like Canada.
Although there are conflicting data sources, it is estimated that about 13 per cent of Canada’s drivers own an EV. Most of the EV sales have happened in provinces that retain big subsidies for purchasing EVs, notably B.C. and Quebec. Provinces and other countries that eliminated their subsidies have typically found demand for EVs plummeted. Federal subsidies of up to $5,000 per vehicle for EV purchase were eliminated in January 2025. In general, these subsidies have been found to help already wealthy people to purchase EVs at the expense of lower-income taxpayers.
Furthermore, the more Canadians who own EVs, the more their problems surface. As EVs are much heavier than internal combustion engine (ICE) vehicles, they are much harder on roads and make auto accidents much more deadly. Road repair costs and insurance prices are sure to rise significantly. In addition, many multi-level car parks in residential and industrial buildings were not constructed for that weight of vehicle in mind and would collapse with a full load of EVs. There is nowhere near enough charging infrastructure to support massive growth in EVs, and the current electricity grid cannot handle the added load of a large number of EVs. Major and very expensive infrastructure upgrades will be needed to accommodate widespread EV use, greatly increasing taxes and electricity rates to consumers and businesses at a time those rates are already sky-high and make our economy uncompetitive with other jurisdictions.
EVs also don’t perform well in Canada’s cold winters and are unreliable when driving long distances. Replacing an EV battery can run up to $30,000. Many purchasers of EVs over the past few years have said they would never buy one again.
EVs are just one example of how the climate alarmists continue to pretend that a net-zero transition can be achieved with little cost and inconvenience for the average citizen. The truth is a far cry from that. It is early in Carney’s days of running Canada, so we have yet to see how closely he will try to adhere to the net zero goals he has promoted internationally for the last decade. As other countries are increasingly abandoning these goals as they prove impractical, expensive and damaging to our standard of living, Canada would be wise to do the same.
She has published numerous articles in journals, magazines & other media on issues such as free trade, finance, entrepreneurship & women business owners. Ms. Swift is a past President of the Empire Club of Canada, a former Director of the CD Howe Institute, the Canadian Youth Business Foundation, SOS Children’s Villages, past President of the International Small Business Congress and current Director of the Fraser Institute. She was cited in 2003 & 2012 as one of the most powerful women in Canada by the Women’s Executive Network & is a recipient of the Queen’s Silver & Gold Jubilee medals.
