New report shows Canadian banks among top ten in the world financing climate change
In a report released today, three of Canada’s largest banks, RBC, TD and Scotiabank are named amongst the top ten banks in the world financing climate change.
The report, published by the Rainforest Action Network, BankTrack, Sierra Club, Oil Change International, Indigenous Environmental Network, and Honor the Earth, and endorsed by SumOfUs, argues that in order to keep global warming to a maximum of 1.5 degrees, banks must align their financing with the findings of last year’s IPCC special report, which called for global carbon emissions in 2030 to be 55% of 2010 levels.
And yet, the 2019 Fossil Fuel Report Card finds that fossil fuel financing from the banks listed in the report is on the rise, revealing that global private banks have more work to do in order to become “consistent with a pathway toward low greenhouse gas emissions,” one of the Paris Agreement’s directives.
“This report is so important in showing the complicity of major Canadian banks in the climate crisis,” said Amelia Meister, Campaign Consultant at SumOfUs. “Funding of fossil fuel projects, especially ones that seek to expand current capacity, is an attack on our future. With the need for immediate and decisive actions, these banks are sending a clear message that profits are more important than people and the planet.”
“By identifying which banks are the biggest funders of fossil fuel projects in Canada, average Canadians can add pressure to pull the plug on funding. These banks are trying to suck the last possible profits they can from the fossil fuel industry while endangering the planet.”
In response to report results, SumOfUs, an international consumer group, launched a petition calling on each of the three banks to halt funding for climate-damaging projects, such as Alberta tar sands and Arctic and ultra-deepwater oil.
The petition, launched just this morning, has blready been signed by thousands of Canadian SumOfUs members.
SumOfUs contends that despite the scientifically proven reality of the global climate crisis, RBC, TD, and Scotiabank continue to pour billions of dollars into fossil fuels.
According to the United Nations, the effects of climate change will continue to manifest by way of severe storms, droughts, wildfires, loss of species, climate-related poverty, widespread displacement, the spread of diseases.