Canada is a founding member of the Powering Past Coal Alliance (PPCA), a network of countries, cities, and businesses that aim to phase out coal by 2030 in OECD and EU countries and by 2040 globally. However, the country’s 6 biggest commercial banks have made no commitment to phase out coal. So it's sadly no surprise that Canada’s commercial banks channeled $12.3 billion to the coal industry. The country’s top coal financiers are Scotiabank with $3.3 billion, followed by Royal Bank of Canada ($2.9 billion), Toronto-Dominion Bank ($2.7 billion), Bank of Montreal ($1.6 billion), and Canadian Imperial Bank of Commerce ($1.3 billion).