The Shareholders Advocacy Organization filed a complaint against five major Canadian banks with the Funders' Authority and the Ontario Securities Commission.

The group "Investors for Paris Compliance" (I4PC) pointed out that BMO, Scotiabank, CIBC, TD, and RBC have committed to achieving carbon neutrality in their investment portfolios by 2050.

"They have made sustainable financial commitments, or similarly worded initiatives, as a central means to achieve their goal of net-zero emissions, a goal worth hundreds of billions of dollars. This suggests to the reasonable investor that these banks are developing a serious response to business risks," wrote the "Investors for Paris Compliance" organization in their complaint.

However, none of them have published any information about the results of their strategies. On the contrary, the complaint documents several cases where sustainable financing has led to increased emissions instead of reducing them.

The plaintiff cited several examples, including a $1 billion loan from RBC and CIBC to Enbridge for the expansion of Pipeline 3, which will have the same climate impact as adding 50 new coal-fired power plants, according to the group of investors.

For his part, Matt Price, the General Manager of "Investors for Paris Compliance," said in a statement that sustainable financing, as currently practiced by major Canadian banks, is at best a $2 trillion placebo at a time when we need strong drugs to reduce emissions.