THE UNPOPULAR PODIUM: CANADA’S BANKS AND FOSSIL FUEL FINANCING
As outdoor people who care about nature and our planet we find ourselves doing everything we can to protect it personally and although that’s important, it’s simply not enough of an impact. This is why we are rallying to the Canadian Outdoor industry to pay attention and add our clout to systemic policy level change.
Since the signing of the Paris Climate Agreement in 2015, Canada’s major banks have committed $910,600,000,000 USD to the fossil fuel industry, driving climate chaos & causing deadly local community impacts. While Canadians deal with air quality that’s so poor it triggers smoke alarms in homes, Canada’s banks continue to pour BILLIONS of dollars into fossil fuel expansion. The 2023 Banking on Climate Chaos numbers are in and once again Canada’s banks are among the top 20 funders globally.
#1. RBC: $256 Billion Since Paris Climate Agreement ($28.2 Billion in 2023)
#2. ScotiaBank: $192.8 Billion Since Paris Climate Agreement ($24 Billion in 2023)
#3. TD: $178.4 Billion Since Paris Climate Agreement ($20.4 Billion in 2023)
#4. BMO: $148.6 Billion Since Paris Climate Agreement ($15.8 Billion in 2023)
#5. CIBC: $134.8 Billion Since Paris Climate Agreement ($15.5 Billion in 2023)
*Amounts in USD
In collaboration with other organizations as well as industry experts, POW’s advocacy team is actively pushing for robust regulation (known as a Taxonomy) within Canada’s banking sector to ensure it aligns with the Paris Climate Agreement. Climate Finance is one of POW’s 3 policy focuses and represents a major opportunity to lower emissions by aligning our financial system with the emerging clean energy economy. Banks should be financing the transition to renewable energy, not the fossil fuel industry.
To read the full report and see how your bank ranks, click here.
In the weeks and months ahead you’ll see more from POW on Climate Finance, both in terms of our policy work and opportunities to get involved.