Canada’s banks and pension funds are among the worst in the world for funding fossil fuels, but we believe they can fund our future and aid the global green recovery. Together, we can push the banks to change, simply by asking them to create finance and investment strategies aligned with the Paris Climate Agreement.
Here’s the thing, fossil fuel companies need banks. But banks don’t need fossil fuel companies. Green and renewable investments have consistently outperformed fossil fuels over the last ten years, but our banks continue to pump billions of dollars into the industry. That needs to stop now.
PHASE OUT FINANCING TO ALL FOSSIL FUEL COMPANIES: Banks need to stop all project and corporate finance to companies that are still expanding fossil fuel extraction or making investments in new fossil fuel power plants and infrastructure (pipelines, coal railways, refineries etc.)
SET NET-ZERO COMMITMENTS BACKED BY BOTH IMMEDIATE AND LONG TERM PLANS: Net-zero ambitions need to be underpinned by credible just transition plans with near term milestones that frontload commitments.
IMMEDIATELY HALT FUNDING OF COAL: Financing for the coal industry must phase out immediately to ensure that the existing coal plant fleet is retired at the latest by 2030 in OECD countries and by 2040 in the rest of the world.