“Implementing their suggestions could force Canadian financial institutions to divest their fossil fuel company loans or refuse to insure oil and gas companies. But this would not likely create major financing difficulties for these companies (at least in the short term) since they could turn to foreign banks and insurance companies unaffected by the Canadian rules.

Such a result would not rein in the fossil fuel industry or result in lower emissions.”

[COMMENTARY] Mr. Ellmen makes two main points. 1) That starving the Canadian fossil-fuel companies of funds is only going to make them turn to other sources of funding, or (my understanding), outright sale to other entities with less of an interest in climate issues. And, 2) that it comes down to regulation to control emissions.
Stronger climate regulations for banks might not actually cut emissions, by Eugene Ellmen, March 14, 2023, Corporate Knights, Canada.