Yes, absolutely.
In general, within the financial sector, we see less direct lobbying by financial institutions. What I mean by that is that they are not, themselves interacting as much with policy. Rather, they seem to rely on industry associations, more and more, to do this on their behalf.
The Canadian banks are no exception to this in both the financial and real economy industry associations I mentioned. While the banks themselves state that they would support a public policy framework to guide the transition and that this is essential, the lobbying seems to undermine that. Blocking and diluting climate policy, both in the real economy and when it comes to financial regulation, are obviously not aligned with the pathway to net zero by 2050.