Scroll down to check out how your bank stacks up when it comes to funding global oil, gas and coal projects, and join us as we call on the banks to stop banking on climate change, and #BankOnNature instead.
Fossil Fuel Financing By Bank, 2016-2020
Since the Paris Climate Accord was signed, Canadian banks have given over $500 billion to the fossil fuel industry. Here’s the kicker: oil and gas companies don’t really need financing for existing operations. Most of that money is guaranteeing new projects and expansion, pumping more and more carbon into our atmosphere and bulldozing more of our fragile natural spaces.
Every single one of Canada’s ‘Big 5’ banks are in the top 25 financers of fossil fuels in the world. The banks talk a big game when it comes to addressing climate change, but the reality is that they have NO measurable plans when it comes to getting out of industries that not only destroy our natural spaces and climate, but are bad for shareholders too.
You might be surprised to learn that your bank is using your money to fund its fossil fuel clients. Banks draw on the money that their customers have on deposit, whether that’s your RRSP account or the account your pay cheque goes into each week, and loan that money to corporate clients for big returns. Of course it gets more complicated than that, but essentially, if you have an account with a Big 5 bank, you can be confident that some of your money is funding climate change.