National Bank of Canada has announced a new commitment to reach $20 billion in renewable energy lending by 2030, reinforcing its push toward net-zero emissions even as the U.S. government scales back clean energy support.

The bank outlined the target in its latest climate report, stating that after accounting for amortization and repayments, it aims to add nearly $10 billion in new renewable lending over the next six years.

Since 2019, National Bank has tripled its renewable financing to $15 billion, with its 2023 renewable energy exposure surpassing its fossil fuel lending. The new goal aligns with the bank's strategy to reduce its power generation portfolio's emissions intensity by one-third before 2030.

The commitment comes amid policy shifts in the United States, where the Trump administration has begun rolling back climate funding initiatives. However, National Bank has played a key role in financing major U.S. renewable projects, including underwriting US$775 million for a wind project in New Mexico and leading a US$283 million green loan for a New Jersey solar project.

Renaud Gignac, senior advisor with Investors for Paris Compliance, praised the bank's clear focus on renewables over broader "sustainable finance" goals. He also noted that National Bank's target surpasses the $15 billion renewable commitment set by RBC, despite National Bank being significantly smaller.

While the bank declined to comment on how U.S. policy changes might impact its target, its latest report highlights its ongoing participation in various climate initiatives. Notably absent, however, is the UN-backed Net-Zero Banking Alliance, which National Bank and the Big Six Canadian banks exited around the time of Trump's return to office.