Climate-concerned Canadians can take action against fossil fuel-funding banks by shifting their business elsewhere, writes Matt Price of Investors for Paris Compliance. But where should you take your dollars?
As the world navigates an energy transition, Canada’s bankers find themselves neck-deep in oil money with a choice to make: Turn their backs on fossil fuels or keep financing the very activity threatening all life on Earth.
“Today is one of the highest insults I've ever received as a chief,” Wet'suwet'en hereditary Chief Namoks said Thursday after RBC cancelled the in-person portion of its meeting at the last minute. “You’ve seen the violence (on Wet'suwet'en territory); I think today's insult was bigger.”
The parent company of City National Bank, sometimes referred to as the “Bank to the Stars,” is facing pressure from high-profile Hollywood actors over its financing of the Coastal GasLink pipeline in northern B.C.
RBC has a goal to lend $500 billion worth of "sustainable financing" by 2025. Now the bank is urging shareholders to reject a proposal that would stop it from including fossil fuel companies in that target.