RBC, CIBC, BMO, TD, Scotiabank and Desjardins talk about respecting Indigenous rights and fighting climate change and, yet, they continue to finance fossil fuels. Canada’s big 5 banks are among the top twenty-five global banks financing fossil fuels – RBC is the largest financier of fossil fuels in Canada (and fifth largest in the world), followed by Scotiabank, TD, BMO and CIBC. [1] [2] In fact, we discovered that RBC’s support for fossil fuels was 250 times greater than their contributions to community and charitable organizations in 2019. [3]
These banks are essentially using our money, our savings, to invest in the dirty business of fossil fuels while making public commitments to respect Indigenous rights and to act on climate change.[4] In fact, they have steadily increased their support for fossil fuels – providing over $910 BILLION to fossil fuel companies since the Paris Climate Agreement in 2015, which demanded strong action to reduce climate catastrophes. [5] They are funding fossil fuel projects with complete disregard for Indigenous sovereignty, extending Canada’s history of colonialism for short-term profits.
If Canadian banks see that we are watching them and calling for action, they will have to pivot to renewable, local and equitable initiatives. Let’s make it happen!
Send an email to the CEOs of Canada’s top banks to tell them that you do not support fossil fuel colonialism and neither should they.
Notes:
[1] Canada's big banks are using your funds to play footsie with fossil fuels
[2] Report Profundo: Fossil fuel financing in Canada
[4] Focus: Bank support for Indigenous Peoples
[5] Banking on Climate Chaos - Fossil Fuel Finance Report 2022
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