Canada's big banks . . making billions in fossil fuel deals

Canada's big banks . . making billions in fossil fuel deals

Postby Oscar » Fri Jun 17, 2022 9:28 am

Canada’s banks are making net-zero pledges — and billions in fossil fuel deals

[ https://www.nationalobserver.com/2022/0 ... ssil-fuels ]

By John Woodside | Explainer | April 27th 2022

Despite making promises to achieve net-zero greenhouse gas emissions, Canada’s biggest banks play an outsized role in propping up the global fossil fuel economy: RBC, TD, Scotiabank, BMO and CIBC all find themselves among the world’s top 20 financiers of fossil fuels.

These five banks alone have pumped approximately $911 billion into coal, oil and gas companies since the Paris Agreement was signed in late 2015, and they are on track to cross the $1-trillion threshold later this year. That money is used to expand fossil fuel production, build new pipelines, construct liquefied natural gas (LNG) facilities and more, frequently at the expense of Indigenous rights.

Now, with a global energy transition underway, Canada’s bankers find themselves neck-deep in oil money with a choice to make: Turn their backs on fossil fuels — the main driver of climate change — or continue financing the very activity threatening all life on Earth. . . . .
Oscar
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