How Stephen Holyday voted at council

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1. 2025.MM28.37ADOPTED

   Addressing the Financial Industry's Carbon Footprint

   The City’s climate change mitigation plan TransformTO is notable for its efforts to achieve a net-zero Toronto by 2040. However, this strategy is missing an essential component of the City’s contribution to global climate change: Toronto’s financial industry. A study done by the School of the Environment at the University of Toronto found that Bay Street is the 5th largest climate polluter in the world behind China, the United States, Russia, and Japan owing to extensive financing of the fossil fuel industry. The financed emissions of these financial institutions result in almost one-hundred times the City’s total reported emissions annually. Earlier this year, five banks included in this report (Bank of Montreal, National Bank, Toronto-Dominion Bank Group, Scotiabank and Canadian Imperial Bank of Commerce) left the Net-Zero Banking Alliance, an international coalition of banks committed to aligning their lending, investment, and capital markets activities with net-zero carbon emissions. Spokespeople of these banks stated that the institutions would continue pursuing internal climate strategies. However, as this report has shown, there exists significant di…

   City Council · 2025-03-27 14:32 PM

   Adopt Item

   Stephen Holyday's vote: No

   Majority required - MM28.37 - Adopt the item

   Motion result

   Carried

   Recorded tally

   18-5

   Source outcome

   Carried, 18-5