The Financial Post reports in its Thursday edition that business spending for climate action needs to "rise exponentially" for Canada to be on track for net-zero emissions by 2050, said a report from Royal Bank of Canada. A Canadian Press dispatch to the Post quotes the RBC Climate Action Institute report saying that while money coming from public and private sources has grown by almost 50 per cent since 2021 to $22-billion, spending needs to reach $60-billion a year for the rest of the decade to hit emission reduction targets. The inaugural report from RBC'S climate institute comes as environmental groups increasingly urge all of Canada's big banks to direct more financing toward climate efforts, and away from fossil fuel expansion projects. Several climate advocacy groups said the report represented "greenwashing," and a distraction from RBC's roughly $250-billion (U.S.) in fossil fuel funding since 2016 and its relatively minor financing of clean energy. "RBC is asking consumers to spend their thousands of dollars differently while it won't change how it puts hundreds of billions into fossil fuels," said Keith Stewart at Greenpeace Canada. RBC said its climate institute maintains research independence.