BANKING FOR CHANGE: A WIN FROM POW CANADA ATHLETE ALLIANCE
There’s an important process underway in the House of Commons Environment Committee (formally known as Committee on the Environment and Sustainable Development). It’s a little wonky and technical but the intention of the committee’s work is to conduct research into the climate impacts of the financial system. If successful, these hearings could lead to new regulations that better align our financial system with our climate goals.
To-date the committee has heard from numerous guests/stakeholders including former Bank of Canada Governor Mark Carney. Also on the original invite list were the CEOs of Canadian Banks who initially refused the invitation. However, after pressure from numerous interest groups and stakeholders including Protect Our Winters Canada, the Environment Committee exercised their legislative power by formally summoning (subpoena) the CEOs to testify.
POW Canada's Ambassador Team consisting of 52 athletes and ambassadors, sent a letter to former Olympian Adam van Koeverden (Member of Parliament and member of the Environment Committee) asking him to champion the efforts to have bank CEOs testify. This action as well as those of other climate organizations led to the committee summoning the CEO’s! That’s a win!
Historically, Canada’s financial system (particularly the big 5 banks) has been deeply entwined with the fossil fuel industry. A recent report found that Canada’s banks have invested over $100 billion dollars in fossil fuel projects in 2023 alone. In fact, they are funding carbon-intensive industries nearly four times more than they are funding clean energy. This is happening at the same time Canadians are facing climate-fuelled disasters with rising wildfires, droughts and floods.
While it’s important to celebrate this win, the real work is ahead. In the coming weeks and months we’ll work to ensure committee members are equipped with the information needed to ask the tough questions.
RESOURCES
Letter from POW Ambassadors to Adam van Koeverden
Banks Funding Fossil Fuels: https://www.bankingonclimatechaos.org/?bank=CIBC#fulldata-panel
https://influencemap.org/report/Canada-s-Big-Five-Banks-26501