Canada’s six largest banks have stepped in to provide a $10 billion loan to finance the next stage of construction on the Trans Mountain tar sands pipeline: RBC, TD, CIBC, Scotiabank, BMO, and National Bank.
Canadian banks are consistently among the top 20 banks financing fossil fuel projects worldwide, led by RBC. RBC is also the lead financier of the Coastal GasLink pipeline – another over budget, delayed project, currently being opposed by hereditary leaders of the Wet'suwet'en Nation.
Critically, the banks' deal expires in one year – before Trans Mountain would be finished construction. If we can put enough pressure on these banks now to cut ties with this controversial pipeline, we can ensure they won’t renew their loan next year – stopping Trans Mountain in its tracks.
Just like the project can’t go ahead without insurance – it can’t proceed without financing either.
Will you send an email to the CEOs at RBC, TD, CIBC, Scotiabank, BMO and National Bank and call on them to stop financing the Trans Mountain pipeline?