More about sustainable finance:
- https://www.newyorker.com/news/daily-comment/money-is-the-oxygen-on-which-the-fire-of-global-warming-burns (Highly recommended read/listen)
- https://www.youtube.com/watch?v=_dApzI9jN04
- https://heated.world/p/how-banks-finance-the-climate-crisis
- https://bankonourfuture.uk/2021/04/07/new-global-study-canada-banks-conflicted-climate-change/
- https://www.cbc.ca/radio/whatonearth/big-finance-considers-climate-change-a-major-investment-risk-is-your-pension-prepared-1.5990043
- https://www.pembina.org/blog/unlocking-renewables-will-unlock-jobs-alberta
Find out more about your bank’s impact:
- https://www.ran.org/bankingonclimatechaos2021/
- https://www.reuters.com/business/sustainable-business/energy-reliant-canada-banks-investors-face-dilemma-meeting-emissions-target-2021-05-02/
Where change is already happening:
- https://www.cnn.com/2020/12/18/investing/rockefeller-foundation-divest-fossil-fuels-oil/index.html?utm_medium=social&utm_content=2020-12-18T13%3A45%3A06&utm_term=link&utm_source=twCNNi
- https://www.theguardian.com/business/2020/dec/17/lloyds-market-to-quit-fossil-fuel-insurance-by-2030
- https://phys.org/news/2021-04-world-zealand-banks-climate-impact.html
- https://www.theglobeandmail.com/business/article-major-banks-insurers-team-up-with-carney-vowing-to-mobilize-trillions/
- https://www.reuters.com/business/environment/radical-change-needed-reach-net-zero-emissions-iea-2021-05-18/
- https://qz.com/1957979/blackrock-is-forcing-wall-street-to-take-climate-risk-seriously/
Thinking of moving your accounts?
- https://www.goodinvesting.com/about
- https://ccua.com/about-credit-unions/find-a-credit-union/
- https://www.toronto350.org/choosing_a_climate_friendly_credit_union_in_toronto
- https://www.shiftaction.ca
- https://climatepledgecollective.org/bankswitch/
FAQ
Is POW trying to close down the oil and gas industry?
We understand that fossil fuel industries provide livelihoods for many communities, and that you can’t shut off the taps overnight. We believe in a just transition to renewable energy, that will provide great jobs and economic benefits for all Canadians, while creating sustainable ways to power our society in the months and years ahead.
I’ve heard that gas companies are best placed to lead the transition to renewable energy – is that right?
Well, it’s complicated. In theory that’s true, because fossil fuel companies have the funds and much of the existing infrastructure to produce and distribute renewable energy at scale. But to date, they’ve shown no signs of moving away from extraction and burning of fuels, and instead are relying on untested and so-far ineffective technologies like carbon capture to move toward Net Zero. We no longer have time to wait for them to make the move – we need to invest in proven renewables if we’re going to keep global heating under 1.5 degrees and avoid further catastrophes like we’ve seen across Canada in the past year.
Are ESG funds as reliable as other investments?
It’s important to know that while we here at POW have many talents, we’re not financial advisors. But we can tell you that lots of analysis is showing that fossil-free investment funds are performing as well as, if not better than, their peers. We suggest doing your research, chatting with your pension fund manager and bank to find a fund that balances your financial goals in line with your personal values.
What could our government do?
We welcome the commitments made by the Government of Canada to end subsidies and public financing for the fossil fuel sector. However, these commitments do not yet amount to the federal government ending its fossil fuel support in line with what is needed for Canada to meet its climate targets. We urge the government to demonstrate true leadership by going beyond the commitments made to date and eliminate all subsidies, public financing and other forms of financial support from the Government of Canada and federal crown corporations directed to the oil and gas sector by the end of 2022. Read more here.